The German government has continued to sell its seized bitcoin, with the most recent sale of up to $175 million in BTC occurring on July 4, according to blockchain intelligence firm Arkham.

“German government selling up to $175M BTC,” Arkham shared on social media platform X on Thursday, elaborating: “In the past 2 hours the German government has moved 1,300 BTC ($76M) to exchange deposits at Kraken, Bitstamp, and Coinbase. They have also moved 1,700 BTC ($99M) to address 139Po. These funds are likely moving to a deposit for an institutional service or OTC.” The firm added:

The German government still holds 40,359 BTC ($2.3B) in tagged addresses on-chain.

Arkham’s onchain tracker of the German government’s bitcoin.

Amid the German government’s bitcoin sales and the anticipated distribution of bitcoin to creditors by Mt. Gox this month, bitcoin’s price has been under pressure. BTC’s price has decreased by 4% in the past day and more than 6% over the past week, falling below $57,000 on Monday. Data from Arkham Intelligence shows Mt. Gox wallets making dust or test transfers. While the Mt. Gox Trustee indicated that distributions would start in July, no specific date has been provided.

In response to the German government’s bitcoin sales, Tron founder Justin Sun announced on Thursday that he is prepared to purchase the remaining BTC off-market. “I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market,” Sun wrote on X.

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