Genesis Trading and German Government in Bitcoin Selling

Reports have been swirling about the German government selling large amounts of Bitcoin recently, impacting the crypto market. Nevertheless, Genesis Trading has also emerged as a significant seller alongside the German government.

Genesis Trading’s $2 Billion Bitcoin Sell-Off

Genesis Trading filed for Chapter 11 bankruptcy in New York in January 2023, and after a court order in May 2024, they have started returning funds to customers. The entity has begun selling some of its massive $2 billion Bitcoin stash, as revealed by on-chain data from Arkham Intelligence.

Genesis Trading And German Government In Bitcoin Selling

Genesis Trading conducted six Bitcoin transactions in June, sending considerable amounts to the Coinbase exchange. The total value of Bitcoin offloaded was $466.65 million, contributing to the downward pressure on Bitcoin prices.

German Government Depleting Bitcoin Reserves

The German government, after seizing 50,000 BTC from Movie2k operators, has sold off over 40,000 BTC, leaving them with less than 5,000 BTC. This signals a potential end to the selling spree, offering relief to the market.

Bitrabo Editorial
Bitrabo Editorial
Editorial Team

The Bitrabo Editorial team is the collective voice behind Bitrabo’s trusted crypto coverage. From breaking news and market updates to in-depth research and guides, this account represents the combined efforts of our writers, analysts, and editors. Every article published under Bitrabo Editorial is fact-checked, curated, and written to inform, empower, and guide our growing global audience through the world of Web3, blockchain, and digital finance. When you see Bitrabo Editorial, you’re reading insights directly from the heart of our newsroom.