Bitrabo Editorial
The German government is close to fully liquidating its Bitcoin holdings with the recent sale of over 5,000 BTC. These transactions are part of efforts to dispose of seized Bitcoin from various criminal cases, including Movie2k.
Majority of German Government’s Bitcoin Holdings Sold
The German government has conducted significant Bitcoin sell-offs, reducing its reserves to below 5,000 BTC. The transactions worth $286 million were made to Flow Traders, Coinbase, Kraken, and Bitstamp. This move raised concerns about the government’s strategy.
Prior to this, transfers were made to different addresses and exchanges, with 3,250 BTC valued at $191 million sent to crypto exchanges. Overall, authorities have sold approximately 10,627 BTC worth $615 million, leaving them with around 4,925 BTC, a mere 9.9% of the total seized from Movie2k.
The government’s actions have sparked criticism in the crypto community, with accusations of short-sightedness in selling BTC for fiat currency. Vivek Sen, a prominent figure in the space, called out the government officials for their decisions.
Bitcoin Spot ETFs Experience Inflows for 5 Consecutive Days
While Germany’s Bitcoin sales have impacted prices, US Bitcoin Spot Exchange-Traded Funds (ETFs) have seen consistent inflows over five days.
On Thursday, data showed daily inflows of $78 million into US spot BTC ETFs. BlackRock ETF IBIT and Fidelity ETF FBTC received $72 million and $32 million, respectively. However, the Grayscale ETF GBTC experienced outflows of approximately $37 million.
With total net inflows of $15.5 billion since inception, the increasing popularity of BTC spot ETFs indicates growing adoption and interest in these financial products.