- Germany missed potential $3 billion in Bitcoin profit.
- Sale managed by national legal and financial entities.
- Bitcoin price surged after governmental sale.
German authorities sold nearly 49,858 bitcoins between June and July 2024, following seizure from a piracy case, in collaboration with key institutions. The sale pre-dated a significant increase in Bitcoin’s value.
The German Bitcoin Sale
The German government, in partnership with several national institutions, executed a significant Bitcoin sale linked to the Movie2k piracy case. Nearly 49,858 BTC were sold. This action, driven by Germany’s legal obligations, engaged the Saxon Central Office and Federal Criminal Police (BKA), significantly influencing BTC market activities.
Observers noted that nearly $3 billion in profits could have been realized had the assets been held longer. The sale coincided with fluctuations in Bitcoin’s spot price and liquidity on exchanges, as trading desks identified temporary impacts. Arkham Intelligence provided insights, underlining the complexity of managing large-scale crypto asset disposals.
The action’s implications were significant as experts suggested potential financial outcomes, reflecting historical precedents where governmental sales misjudged long-term price dynamics.
If they had held it, their BTC would now be worth $5.24B. – Arkham Intelligence
The underlying data and on-chain analysis hinted at strategic pitfalls, similar to previous US auctions which undervalued future asset worth.
