German Government Bitcoin Wallet Depleted

Summary:
The German government has exhausted its Bitcoin reserves after transferring 3,846.05 BTC (worth $223.81 million) to Flow Traders and 139Po, according to Arkham Intelligence. This depletion follows the sale of 50,000 BTC over recent days. These Bitcoins were initially confiscated from the movie piracy site Movie2K in Saxony and had been moved to government wallets on January 17th. The authorities commenced transferring them to exchanges on June 20th.
Originally seized in 2013 when their value was much lower, the Bitcoins were worth over $2 billion at the start of 2024. The sale of these assets, conducted promptly to convert them into fiat currency as per judicial orders, likely netted around $2.8 billion. Some trolls have since sent small amounts of BTC to the now-empty wallet, mocking the government for selling the Bitcoins.
The sale of these Bitcoins influenced the market, with prices initially dropping but subsequently recovering. Further, a larger potential liquidation looms with the impending release of 142,000 BTC from the defunct Mt. Gox exchange, which could also impact the market depending on whether the recipients decide to sell or hold their Bitcoins.