The German government has transferred another chunk of its massive Bitcoin reserves to exchanges.
According to blockchain data, the German Federal Criminal Police Office (BKA) moved roughly $75 million worth of Bitcoin across multiple transactions on July 4th. The funds were spread across exchanges, including Coinbase, Kraken, and Bitstamp.
This comes after the government shifted around $315 million in bitcoin to various platforms since mid-June. Germany has offloaded over $390 million in Bitcoin in under a month.
In 2013, the BKA seized nearly 50,000 bitcoin linked to the former operator of the film piracy website Movie2K. The stash is estimated to be worth $2.3 billion at today’s prices.
The steady flow of bitcoin to exchanges signals Germany’s potential plans to liquidate portions of its reserves. This has sparked fears of impacts on Bitcoin’s market price, which dipped below $58,000 this week.
However, the amounts transferred so far make up a relatively small share of the BKA’s massive Bitcoin trove. After the latest movements, Germany still holds around 40,000 Bitcoin.
The sales mirror similar transfers by the U.S. government in recent weeks. America also holds Bitcoin confiscated from criminal cases, prompting concerns it may be selling reserves.
The liquidations come as creditor repayments from Mt. Gox’s 2014 collapse appear set to begin in July. The timing threatens to compound selling pressure on Bitcoin.
However, proponents argue the amounts equate to a tiny fraction of daily Bitcoin trading volumes.Â
