The End of an Era: All 50,000 Bitcoins Confiscated by Saxony Sold

The saga of the 50,000 Bitcoins confiscated by the Saxony State Police from the illegal streaming platform "Movie2kto" has finally come to an end. The last of the Bitcoins were sold yesterday, July 12, 2024, marking the end of an era.

The Final Sale

According to data from Arkham, the "Deutschland-Wallet" is now empty, with the last transaction of 3,846.05 BTC (224 million USD) taking place yesterday evening. The sale was conducted through Flow Traders, a company that specializes in over-the-counter (OTC) trading, which suggests that the Bitcoins were sold to professional or institutional investors.

A Billion-Dollar Windfall

At the current BTC price of around 58,000 USD, the total proceeds from the sale of the "Sachsen-Schatz" (Saxon Treasure) amount to approximately 2.9 billion USD.

Market Impact

The sale of the Bitcoins has had a significant impact on the market, with the correction being exacerbated by the large volume of sales. Crypto enthusiasts around the world have criticized Germany for selling such large quantities of Bitcoin in such a short period of time. The sale process took only around three weeks, which is unusually fast.

A Bullish Sign

Despite the significant selling pressure, many of the Bitcoins were bought up by Bitcoin Spot ETFs and so-called "whales". This is a bullish sign, as it indicates that there is still strong demand for Bitcoin.

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