The German government has been offloading confiscated bitcoin, but still possesses over 40,000 BTC, valued at more than $2.3 billion, according to blockchain intelligence company Arkham. These sales coincide with the expected distribution of bitcoin from Mt. Gox. In response to Germany's liquidation of BTC, Justin Sun, the founder of Tron, has expressed interest in buying the remaining bitcoin directly from the government to minimize any negative impact on the cryptocurrency's price.
The German government's bitcoin sales have persisted, with the most recent transaction amounting to $175 million in BTC on July 4, as reported by Arkham. The blockchain intelligence firm shared on the social media platform X: "German government selling up to $175M BTC." They further explained that within the last two hours, the German government transferred 1,300 BTC ($76 million) to exchange deposits at Kraken, Bitstamp, and Coinbase. Additionally, they moved 1,700 BTC ($99 million) to address 139Po, speculating that these funds are likely being deposited for an institutional service or over-the-counter purposes. Arkham also noted that the German government still retains 40,359 BTC ($2.3 billion) in tagged addresses on-chain.
Amidst the German government's bitcoin sales and the forthcoming distribution of bitcoin to Mt. Gox's creditors this month, the price of BTC has been under pressure. In the past day alone, BTC's price has dropped by 4%, and over the past week, it has decreased by more than 6%, falling below $57,000 on Monday. Arkham Intelligence's data reveals that Mt. Gox wallets have been conducting insignificant transfers, causing speculation about the start of the distributions, although no specific date has been provided by the Mt. Gox Trustee.
In light of the German government's bitcoin sales, Justin Sun announced on Thursday his willingness to acquire the remaining BTC directly from the government. Sun expressed on X, "I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market."
What are your thoughts on the German government's bitcoin sales and Justin Sun's offer to buy the remaining BTC? Share your opinions in the comments section below.