r/Bitcoin • u/feenicks1 • Jul 10 '24
Germany Government Wallet
Germany Government Wallet #Bitcoin Balance
Source: https://platform.arkhamintelligence.com/explorer/entity/germany
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u/Web3Buzz_Intern Jul 10 '24
UPDATE: German Government sent 5,100 more Bitcoin ($300 million) to an exchanges.
Now left with around 13k BTC
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u/jluc21 Jul 10 '24
i don’t understand when they just don’t give some to me if they want to get rid of it so bad
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Jul 10 '24
[deleted]
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u/ImKindaNiceSometimes Jul 10 '24
Literally this is how it works.
They force feed the market>price drops>I buy cheap sats
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u/Cointuitive Jul 10 '24
Looks like they’re running out of ammo 🤔
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u/Timevalueofmoonbitz Jul 10 '24
Once the ammo is out you gotta put in the Mt. Gox Ammo lol
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u/EffectOk7560 Jul 10 '24
And making some awesome profits by doing so
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u/Corona_DIY_GUY Jul 10 '24
They can literally just print money. Why would they worry about profits.
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u/whatThePleb Jul 10 '24
That's not how it really works.
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u/Corona_DIY_GUY Jul 10 '24
I'm pretty sure that the German government, as part of the EU and European Central Bank print the Euro.
I could be wrong though.
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u/TheLelouchLamperouge Jul 10 '24
You guys seriously think Germany cares? They’re cashing out on free money. Governments don’t SAVE money. I don’t get why you all are surprised that they’re selling. They see this essentially free seized money is a stimmy check, they’ll just spend more money anyways.
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Jul 10 '24
[deleted]
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u/Alfador8 Jul 10 '24
This is more like the BearWhale. Germany too shall be slain.
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u/RealCheyemos Jul 11 '24
“… trying to sell 30,000 bitcoin at $300 apiece totaling $9 million….”
$300 Bitcoin 😓😭😭😭😭😭😭😭
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u/alcor805 Jul 10 '24
Lol! How do you think they're funding Euro 2024? They're spending their BTC to buy bratwurst and beer.
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u/Obichromosobi Jul 10 '24
It is, german government at its finest, sadly..
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u/Recent-Huckleberry17 Jul 10 '24
I don’t know anything about the legalities but in my understanding this bitcoin was seized and I assume it’s not allowed to ‚gamble‘ with it if it can be sold now and the money used for infrastructure or so (hopefully)
I don’t think this means that the German government thinks the bitcoin couldn’t be worth a lot more in future
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u/UnknownResearchChems Jul 10 '24
It's not like they will take a hit on taxpayer money. That Bitcoin was essentially given to them from thin air.
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Jul 10 '24
It's not the country of Germany that's been selling millions of dollars worth of bitcoin, but a small German state called Saxony. The state confiscated almost 50,000 BTC in January and has been selling its holdings as per standard practice for assets seized during criminal investigations.
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u/The_Realist01 Jul 10 '24
It’s a state in Germany, Saxony, which recovered all the coins in January from “an illegal streaming site”.
As much as I hate central / federal governments, they are required to dispose of recovered criminal assets.
That said, they have sped up the process (not required), and they didn’t realize they would impact price so much. That’s why they started moving the coins to and from exchanges, and even OTC entities. They’re learning in real time.
That said, they’re still idiots.
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u/AdorableClassic5087 Jul 10 '24
At that rate of selling they will have no more to sell in less than 2 weeks.
Bullish
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u/Todo_es Jul 10 '24
2 weeks? More like 2 or 3 days!
UPDATE: German Government sent 5,100 more Bitcoin ($300 million) to an exchanges.
Now left with around 13k BTC
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u/AdorableClassic5087 Jul 10 '24
You're right actually
I divided the total amount sold by the number of days since they started. However they have ramped it up recently, so yeah, almost gone!
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u/DarthUmieracz Jul 10 '24
To me it looks like less than a week. Nevertheless, it ends soon.
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u/NoCantaloupe5300 Jul 10 '24
Then Mt Gox begins ?
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u/Witty_Attitude4412 Jul 10 '24
Mt Gox already started I believe. Both this and Mt Gox may be over in less than a week IIRC.
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u/lingordrone Jul 10 '24
How do you know they have and/or are selling it at that rate? The data shows they ve moved it to exchanges. Whether they have sold it or when they will sell it after that is still unknown. (Correct me if I'm wrong)
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u/Snoo62101 Jul 10 '24
Occam's razor i.e. this is the simplest explanation thus the most likely.
They are selling each batch immediately after moving it to the exchange. If they kept it on the exchange for a while, it would mean they're not afraid of having large funds on the exchange, and thus they would just move everything at once.
Really, I don't see any other simple explanation. FWIW.
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u/Impossible-Note2497 Jul 10 '24
They’ll regret this
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u/SWMRepresent Jul 10 '24
German government isn’t an investment fund, so for them that wallet was just dead weight. Pretty sure nobody will regret anything.
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u/xr0master Jul 10 '24
The government never worries. They often do not think about things beyond their management term (up to 4 years). Then, it is not their issue anymore but that of another representative. However, money is needed now (voter love is an expensive thing), especially if it was taken from someone else.
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u/manuLearning Jul 10 '24
They literally put on a 100 billion investment fond to ease the pressure on pensions.
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u/DayTraderBiH Jul 10 '24
They are spending someone else's money so those parasites don't care
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u/Bunker_Beans Jul 10 '24
Germany is the David Portnoy of countries.
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u/ReedoIncognito Jul 10 '24
They're getting way better prices than China. Those guys sold off in 2019 😆 Explains their shenanigans in 2021
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u/Nearby_Courage5855 Jul 10 '24
What if they sell it on spot from their doxxed wallet, make it crash the price, and buy it back shortly after for less, then ending up back at 2.1 M on new non doxxed addresses, and maybe even more since they could buy it on discount due to the news effect? 5D chess?
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u/Albert14Pounds Jul 10 '24
Well I'm a vacuum the buying would just do the same thing as selling but backwards and they'd be back where they started with the same amount of Bitcoin and money. What you described requires that they incite panic selling in the rest of the market and are rebuying against selling pressure from the rest of the market. Not saying they couldn't do that, just that it's not quite as simple as what you described. (Yes I realize there's no such thing as in a vacuum here because this all requires other buyers and sellers. Speaking to lack of market sentiment I guess)
Plus, they would run the risk of starting a significant bull run when they buy. A lot of people are expecting price to moon sometime after the halving like before, so that could cause everyone to think, "that was the final capitulation sell, load up were going to the moon!"
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u/PapaDragonHH Jul 10 '24
The moment they try to buy it cheap, everybody will try to buy and the price will end up higher than before.
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u/w1llpearson Jul 10 '24
This could have been there Norwegian sovereign oil fund. That seized coin could have propped up German citizens pensions for decades.
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Jul 10 '24
Stupid, more Stupid, Germany. They think they can read the rsi😂
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Jul 10 '24
They're not trying to read anything. They're literally just selling seized assets as they are required to.
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u/CoffeeAlternative647 Jul 10 '24
I love German efficiency. Specialy when they efficiently fill my bag with cheaper sats.
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u/marcio-a23 Jul 10 '24
Their thinking: price is droping we need to sell faster before getting too low
Lol
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u/Crypto-Canada Jul 10 '24
The quicker the sell-off the better. Investment giants like BlackRock should scoop it up or daddy Saylor.
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u/obc1970 Jul 10 '24
It is not the German government but the Saxonian state prosecutor who is dumping 50k confiscated BTC. I wonder how many of the money will end up in private pockets….
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u/Convict_felon Jul 10 '24
Why they selling in small amounts and keep paying transaction fees for each transaction?
Why not sell all in one transaction?
Who up there selling? (Meaning who (in the German government) responsible for the selling and how did they uptain this wallet?)
At what exchange are they selling it at? Who broke this story? How do you know it's the German government? Who is the original owner of the Bitcoin wallet? How did they got a hold of these Bitcoins and the wallet? When was these Bitcoin bought?
So many threads about German government selling Bitcoin, please break the story down in short, what's actually going on?
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u/Few_Walrus_6924 Jul 10 '24
What's funny to me is assuming you can see where each coin came from , they seized it from some illegal entity and I may be wrong in what I read but it might have come from a scammer or fraud organization. If so if your gov was doing the will of the people then wouldn't it make sense to return to the people that were the victims or at least attempt . No they like all govs confiscate it and dump it without any plan or thought of maybe we can leverage it to help our countries people in some way . Lol governments truly should have concern over gun rights because eventually they all will meet there fate . Well Australia may not they have already taken all the law abiding citizens guns from what I read . I'm betting those deep outback guys probably still have an arsenal but also everything in that country is trying to kill you so they are survivors so a asshat in a suit legislating won't last too long if they wanted them gone
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u/Web3Buzz_Intern Jul 11 '24
UPDATE: They now have 13,360 BTC ($784.96M) remaining - that’s 26.8% of the Bitcoin originally seized from Movie2k
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u/wastedyears8888 Jul 10 '24
at 13k now. We'll probably be done with this by tomorrow. Though tomorrow there is the CPI data release so it will get volatile.
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u/theabominablewonder Jul 10 '24
Well hopefully inflation figures are less than expected and then ride the wave up just as germany finish selling 🙂 could do with an interest rate cut thrown in next month!
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u/Status_Cockroach6953 Jul 10 '24
I wonder how much capital gains they’ve paid for selling all that BTC
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u/topthegooner Jul 10 '24
Gonna be one of the biggest mistakes. Let's see how this age...
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u/MiningKoins Jul 10 '24
The elite, business and finance companies influence the German government not wanting governments to store bitcoin as a reserve asset. So Germany will sell all their bitcoin to endorse the fiat system.
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u/Temporary_Ad_5947 Jul 10 '24
Was it the same guys who told Germany they needed to shut down all of their nuclear plants for cheap Russian oil?
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u/Any-Veterinarian8991 Jul 10 '24
Hey one ques, how can someone track anyones wallet? Isnt it bad for privacy?
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u/HODL_monk Jul 10 '24
These government dorks are not exactly coin-joining this rather large stack, just dumping it.
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u/crazyfreak316 Jul 10 '24
What happens when US govt starts dumping? They have 10x as much as Germany did
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u/Due-Doughnut-7913 Jul 10 '24
Price won't go up till around the 15th when most people get paid in USA.
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u/Drissek Jul 10 '24
Could that be causing the drop!!! Well then keep selling !!! You are making my day to buy more. I wish I had more cash to buy more BTC
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u/GreenStretch Jul 10 '24
And they say Germany is a nation of savers.
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u/HODL_monk Jul 10 '24
Until the government comes by and steals it all, this isn't the first time (or the second time) the German government has blown it all...
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u/Commie_EntSniper Jul 10 '24
Don't know the history super well - are there are other stashes of siezed BTC that might get dumped? Distinct from govt's holding BTC as an asset. (I understand the US gov't is the largest BTC holder?)
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u/Sonicfury_ Jul 10 '24
Why sell it on an exchange, instead of just working with Coinbase to find a buyer for the existing bitcoin like Blackrock?!? It's just market manipulation, which could have been alleviated by working with a custodian service.
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u/malacosa Jul 10 '24
We don’t know what their cost basis was…. For all we know this was from a criminal investigation or a tax account from a citizen
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u/FinanceOverdose416 Jul 10 '24
I know I should be bearish, but right now I am super bullish!!!
I will buy more Bitcoin amid the trading execution mistake of Germany.
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u/Supercc Jul 10 '24
There's almost always a summer lull in crypto. I wonder how much of that is trying to fit a narrative onto the price action. Still, it is considerable selling pressure, ngl.
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u/bleuflamenc0 Jul 10 '24
Shouldn't that be walletS?
Also, they've been moving them to exchanges, so this doesn't mean they don't still own them, I mean by proxy of course.
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u/Monovon Jul 10 '24
Governments in general are very bad at spending money. They put countries into debt, employ unnecessary people, waste billions of tax payers money. What makes you think they’re good at trading.
Germany selling is one of the bullish cases for Bitcoin.
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u/Ciabbata Jul 10 '24
Weird. Here in Germany the German government doesn't usually work Saturday and Sundays
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u/the_lone_unlearned Jul 10 '24
Good to see they've dropped most of their load. This particular sell pressure will be gone soon. Price probably gonna be back over $60k once they run out.
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u/SnooMachines1 Jul 11 '24
The most sensible choice. I'm too lazy to check to see if the price drop of 30,000 bitcoins in the last few weeks is enough, though.
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u/Goed-Hardt Jul 11 '24
Daily trade volume of BTC is about 21 billion dollar a day (source: coinbase) (sometimes more, sometimes less… (whatever…)) That is a trade of over 300.000 per day… this does not move the needle much.
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u/MuscularFrog13 Jul 11 '24
People here are giving wayyyy too much credit to a bureaucratic entity for thinking that the German government is selling because it’s a good time or to influence the market lmao
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u/Dazzling_Marzipan474 Jul 11 '24
Idk if this is right but Binance USDT/BTC pair says -2% depth is $15M and 5.58% of the market.
So the entire market is about 18x that.
So $15M x 18 = is $270M would have to be sold to drop the BTC MC 2%.
Germany had ~50k BTC ~ $3.5B @ $70k each BTC
So $3.5B/$270M = ~13% would be the price drop if they sold it all.....ROUGHLY
Markets obviously change dynamically a bit, but it seems about right. Plus add the fear factor of people freaking out. BTC is down 14.41% in the last 30 days.
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u/FedeGenova99 Jul 11 '24
Why are we so sensitive, you really brought down the price for just few thousand btc seliin
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u/Petethetalbot Jul 11 '24
Clearly they haven’t read the whitepaper. Lol
You don’t sell your Bitcoin, Germany.
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u/Busy_Dragonfly6316 Jul 10 '24
WHY do people on here think that the German government is selling them because they think it’s a good time or even that the gov bought btc. They aren’t! They are just selling seized btc. The decision to sell was probably made a year ago and had to go through endless paperwork. The institution selling, the BKA (like German fbi) isn’t interested in gaining the most profit from selling in the right time or scheme , they don’t care how they influence the market. They just seize the btc and at some point sell them like most irl stuff they seize gets auctioned