The German authorities received $2.89 billion after promoting all of its Bitcoin (BTC) holdings seized after closing the piracy platform Movie2k, mentioning “a risk of a significant loss of value of around ten percent or more,” as reported by on-chain intelligence agency Arkham Intelligence. Contemplating that the pockets had 49,858 BTC, the common price of every Bitcoin is $57,900.

Subsequently, by promoting all their Bitcoins underneath the $60,000 price degree, and contemplating the present price over $64,000, the German authorities losses surpassed $326 million, which is over 10% of the quantity they managed to accumulate.

The German Authorities offered 49,858 BTC for $2.89B – a median price of $57,900.

This was due to “a risk of a significant loss of value of around ten percent or more”

The price of Bitcoin is now $65,000.

Supply: https://t.co/LfmSPJSpds pic.twitter.com/uyD7qZB7aO

— Arkham (@ArkhamIntel) July 17, 2024

As reported by Crypto Briefing, the German authorities ran out of Bitcoins to promote on July twelfth, after a 23-day promoting spree. Since then, Bitcoin has risen up to fifteen%, almost touching the $66,000 price degree.

The CEO of on-chain analysis platform CryptoQuant, Ki Younger Ju, highlighted again then that the federal government dump was “overestimated.” He defined that $224 billion has flowed in crypto since 2023, and the government-seized Bitcoin stash contributes to solely $9 billion. “It’s only 4% of the total cumulative realized value since 2023. Don’t let govt selling FUD ruin your trades.”

However, it was sufficient to place strain on Bitcoin buyers, which was solely lifted after the German authorities ran out of BTC. Notably, there’s nonetheless some strain being utilized by the compensation technique of Mt. Gox’s collectors, because the BTC price fell under $64,000 after an handle tied to the defunct change moved 47,000 BTC.