Deniz 
Following the most recent series of back-and-forth transactions with crypto exchanges on July 11, the German government’s Bitcoin wallet is down to 9,094 Bitcoin, just 18% of what it started with.
Since June 19, the wallet—which has been storing Bitcoin confiscated from a movie pirating website raid in January—has transferred away billions of coins while intensifying activities at the beginning of July.
After sending 10,620 BTC, worth $615 million, to bitcoin trading platforms Coinbase, Bitstamp, Kraken, and Flow Traders at two anonymous addresses, blockchain intelligence firm Arkham observed on July 11 that the wallet even momentarily slipped below 5,000 BTC.
Soon later, some of the monies were returned to the German government’s wallet, restoring Germany’s Bitcoin reserves to above 9,000 BTC.
With the present count, the German government only owns 18% of the 49,857 Bitcoin it obtained from the movie pirate website Movie2k back in January, valued at $520 million.
Valhalla thinks institutional deposit or over-the-counter trading service providers most likely hold the two anonymous addresses ending in “139Po” and “bc1qu.” Still, that has not been verified.
German politician and Bitcoin supporter Joana Cotar, who said earlier this month that Bitcoin should have instead been adopted as a “strategic reserve currency” to shield against vulnerabilities in the existing system, finds Germany’s huge sell-off unacceptable.
Related: German Politician Joana Cotar Urges Halt to Bitcoin Sales
One ordinary user apparently expressed their own irritation on something else, leaving Germany’s wallet address an inscription in German that corresponds to “Taxes are robbery.”
The sell-off, together with concerns that Mt. Gox has begun to unload more than $8 billion in Bitcoin to its creditors, has mostly driven a Bitcoin price drop in recent weeks.
The bearish occurrences have helped the indicator measuring market mood, the Crypto Fear & Greed Index, enter the “Extreme Fear” zone for the first time since January last year.
Right now, Bitcoin is trading at $57,030, down 1.8% over the past 24 hours and 15.1% over the past month.
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