As of 1:00 p.m. EST on Thursday, July 11, the wallets linked to German authorities hold a remaining 4,925 BTC, currently valued at $285 million. This represents a significant decrease from the 50,000 BTC worth nearly $3 billion when the assets were first put up for sale three weeks ago. The BTC has corrected by around 18% since Germany began their Bitcoin liquidation. In June, crypto.news reported that the German Federal Criminal Police Office (BKA) had initially seized about 50,000 BTC from the operators of the popular piracy movie website Movie2k.to in 2013.
The BKA acquired the Bitcoin in mid-January after a “voluntary transfer” from the suspects. This payout involves over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen, totaling approximately $9 billion. Concerns arose that many creditors would sell off their holdings to secure profits. Additionally, Genesis Trading has been actively selling BTC over the last month, contributing to the increased selling pressure on the market.
This has added to the pressure on the market due to the liquidation of assets by Genesis Trading.