According to Arkham Intelligence, the German government has transferred at least $195 million worth of Bitcoin (BTC) to exchanges. On June 19, a total of $600 million in BTC was moved, with $130 million sent to four "likely exchange addresses." Three of these addresses were confirmed as service wallets on Kraken, Bitstamp, and Coinbase.

There are concerns about market impact if Germany continues selling its large digital asset holdings. The transfers were made by the German Federal Criminal Police Office (BKA), which seized nearly 50,000 BTC from the piracy site Movie2k.to earlier this year. This was part of a significant seizure in 2018 from the piracy website, one of the largest crypto confiscations ever.

Following these transactions, Germany holds 47,179 BTC, valued at approximately $3 billion according to Arkham.

Globally, Germany ranks fourth in Bitcoin holdings among nations. The top holders are the US with $13.9 billion, China with $12.4 billion, and the UK with nearly $4 billion, all primarily accumulated through law enforcement seizures. Ukraine follows Germany with 46,351 BTC, mainly from a former government official.

Some countries, like El Salvador, are acquiring Bitcoin through purchases, investments, and donations. El Salvador, the first country to adopt Bitcoin as legal tender, holds 5,779 BTC, worth around $390 million, reflecting a significant profit since its initial purchases in September 2021. Venezuela has also turned to Bitcoin amidst hyperinflation and US sanctions, and the Central African Republic recently adopted Bitcoin as an official currency. Additionally, Bhutan has been mining Bitcoin since 2019 and currently holds about 621 BTC.