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The cryptocurrency market witnessed a significant development this week. The German government completed the sale of its substantial Bitcoin (BTC) holdings worth over $3 billion. Bitcoin’s price surged toward the $63,000 level today as the selling pressure eased and the market turned optimistic.

German Government Concludes Over $3 Billion Bitcoin Selloff

The German government officially exhausted its Bitcoin reserves on July 12, concluding a three-week selling spree that began in mid-2024. The final transaction involved the sale of 3,846 Bitcoin to entities identified as “Flow Traders and 139Po,” believed to be institutional deposit or over-the-counter services.

Germany’s Bitcoin holdings, primarily acquired through asset seizures, initially totaled approximately 50,000 BTC, valued at nearly $3 billion. The systematic liquidation of these assets exerted significant downward pressure on Bitcoin prices, contributing to a 15% correction over the past month.

Despite this selling pressure, institutional investors seized the opportunity to “buy the dip,” with U.S. exchange-traded funds recording inflows of $295 million during the period. As of July 15, the German government officially holds zero Bitcoin, marking the end of its influence on the market through direct sales.

Bitcoin Price Surges Amid Market Optimism

As the German selloff concluded, Bitcoin’s price experienced a remarkable upturn. As of 3:44 PM UTC on July 15, Bitcoin traded at $62,987.06, representing a substantial increase of $3,032.56 or 5.06% over the previous 24 hours. This surge has positioned Bitcoin near its 52-week high and on track for its best daily performance since March.

The cryptocurrency is currently trading on 11,598 active markets, with a 24-hour trading volume of $27.436 billion across all currencies.

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