The government-linked wallet has been steadily selling its holdings, threatening to create continued Bitcoin selling pressure.
off-market to reduce the negative price impact of selling.
Sun announced the offer in a July 4 X post to his 3.5 million followers:
“I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.”
The German government-labeled wallet first raised suspicions of Bitcoin selling on June 19, when it executed a transfer of 6,500 BTC, valued at over $425 million.
Market selling the remaining holdings could have a negative impact on Bitcoin’s price, which is why the wallet became a hot topic among traders.
Before the first transfer, the wallet has held nearly 50,000 BTC since February 2024. The funds are believed to have been seized from the pirate movie website operator Movie2k.
The 50,000 BTC may be held by Dresden’s Land Revenue Office
The crypto wallet was tagged by the Arkham Intelligence platform as “German Government (BKA),” which refers to the country’s Federal Criminal Police Office (BKA).
The BKA seized 50,000 BTC in Dresden in January from the pirate movie website operator Movie2k, which is believed to be the origin of these funds.
While it’s not yet clear which authority is selling the BTC, a BKA spokeswoman confirmed that the criminal unit does not hold the seized Bitcoin.
Kristina Sawazki, spokeswoman of the BKA, wrote:
“In principle, the sale or conversion of seized Bitcoins into Euros is the responsibility of the relevant public prosecutor’s office or court. The proceeds of seized assets are paid to the Land Revenue Office of the place where the competent court has its seat, in accordance with Article 60 of the Code of Criminal Procedure. The BKA only preserves crypto-assets seized or confiscated in the course of investigations for the public prosecutor’s offices.”
The German government continues its Bitcoin-selling spree
The German government-labeled wallet has been continually selling Bitcoin since the middle of June.
In its latest transfer on July 4, the wallet transferred $172 million worth of Bitcoin to multiple crypto wallets, part of it going to three popular centralized cryptocurrency exchanges (CEXs).
A total of $75 million worth of Bitcoin was transferred to the Coinbase, Kraken and Bitstamp exchanges, suggesting that the wallet is potentially looking to sell the BTC.
Two days earlier on July 2, the German government-tagged wallet transferred $52 million worth of BTC, 100 BTC of which was sent to Coinbase, 150 BTC to Bitstamp and 32.74 BTC to Kraken exchange.
Source:- COINTELEGRAPH
