Tron founder Justin Sun has made an offer to purchase the German government’s Bitcoin holdings, which are valued at over $2.3 billion. In an effort to minimize the negative impact on the price of Bitcoin, Sun is willing to buy the cryptocurrency off-market. He announced this offer to his 3.5 million followers on July 4.
Suspicion arose regarding the German government’s Bitcoin selling when a transfer of 6,500 BTC, worth over $425 million, was executed on June 19. Traders became concerned about the potential negative effect on Bitcoin’s price if the remaining holdings were sold. Prior to this transfer, the wallet had held almost 50,000 BTC since February 2024. It is believed that these funds were seized from the operator of the pirate movie website Movie2k.
The crypto wallet in question was identified by the Arkham Intelligence platform as belonging to the German Government’s Federal Criminal Police Office (BKA). The BKA had seized 50,000 BTC in January from Movie2k, which is suspected to be the source of these funds. However, it is still unclear which authority is responsible for selling the BTC. A spokesperson for the BKA confirmed that the criminal unit does not possess the seized Bitcoin.
Since mid-June, the German government-labeled wallet has been consistently selling Bitcoin. In its most recent transfer on July 4, $172 million worth of Bitcoin was sent to various crypto wallets, some of which were centralized exchanges like Coinbase, Kraken, and Bitstamp. This suggests that the wallet may be looking to sell the BTC. On July 2, the wallet transferred $52 million worth of BTC, with portions sent to Coinbase, Bitstamp, and Kraken.
As the German government continues to sell Bitcoin, there are concerns about the potential impact on the cryptocurrency’s price. This raises questions about whether a financial crisis could bring an end to the current bull run in the crypto market.