The German government has been actively selling off a significant portion of the Bitcoin it seized from the defunct film piracy site Movie2K in 2013.
Since mid-June, the German authorities have transferred over $390 million worth of Bitcoin to various exchanges, including Coinbase, Kraken, and Bitstamp.
This sell-off has contributed to the recent decline in Bitcoin’s price, as the influx of a large amount of BTC onto the market has put downward pressure on the crypto currency.
However, the German government still holds around 40,000 Bitcoin, valued at approximately $2.3 billion, making it one of the largest nation-state holders of the digital asset.