Bitcoin wallets linked to the German authorities transferred a total of 10,567 BTC worth over $600 million in multiple batches during the day to crypto exchanges Bitstamp, Coinbase, Kraken and other service providers such as Flow Traders and Cumberland DRW,
After today's transactions, the wallets linked to the authorities held only 4,925 BTC worth $285 million at current prices, down from the 50,000 BTC worth nearly $3 billion since they started selling the assets three weeks ago. This means that Germany's bitcoin selling spree could be over as soon as Friday or early next week at the current pace, given that the wallets unloaded roughly 35,000 BTC so far this week.The tally could change in the later hours because of the wallet's odd practice of receiving a part of the transferred assets, at times in the $10 million range, back from exchanges and brokers before the end of the day.
The looming finish of Germany's $3 billion selling spree could allay crypto investors' fears, who have been fixated on the on-chain movements of large potential sellers on the market over the past few weeks, tying the recent downturn in asset prices to concerns over supply overhang.Bitcoin's 15% correction over the past month coincided with the U.S.