The crypto media has been abuzz with reports over the past month about the German government selling off immense amounts of Bitcoin. These sell-offs have had a negative impact on the price of Bitcoin, as well as the broader cryptocurrency market, pushing the entire market into deficit. However, while the German government has been the most prominent seller at the time, it is not the only entity to have been shedding its Bitcoin holdings.

Genesis Trading Starts Selling $2 Billion in Bitcoin Stash

In the turmoil surrounding the German government’s Bitcoin sell-off, other BTC sellers have faded into the background, but not for long. One of them is Genesis Trading, which filed for Chapter 11 bankruptcy in Up-to-date York in January 2023.

Following a May 2024 decision in which a court ordered Genesis Trading to return funds to its customers, the entity appears to be beginning the early stages of returning those funds to its customers. Some of those customers are being paid in cash, while others are being paid in cryptocurrency.

In a reference to X (formerly Twitter), crypto trader @0xGumshoe revealed that the entity has begun selling BTC from its massive $2 billion Bitcoin stash. According to data on-chain analytics platform Arkham Intelligence, the entity has sold a significant amount of Bitcoin over the past month.

Are you grave

I can’t believe Genesis is now selling $2 billion worth of its Bitcoin

We’re not done with the Germans yet, damn! photo:twitter.com/GhW3uUjYjV

— gumshoe (@0xGumshoe) July 11, 2024

Reviewing the history, we see that Genesis Trading conducted a total of six Bitcoin transactions in June, all directed to the Coinbase exchange. On June 12, 2024, the bankrupt company sent 756,282 BTC to Coinbase, worth $52.93 million at the time.

On June 13, 2024, 670.5 BTC worth $45.8 million was sent to a cryptocurrency exchange. The next transaction took place a day later on June 14, 2024, when 1,209.1 BTC worth $81.16 million was sent to the exchange.

The fourth notable transaction occurred on June 18, 2024, when the Genesis Trading wallet sent 1,496.2689 BTC to cryptocurrency exchange Coinbase, worth $97.15 million at the time. Two days later, on June 20, 2024, Genesis Trading sent another 811 BTC to Coinbase, worth $52.82 million at the time.

Last but not least was the transaction on June 21, 2024, where 2,131,268 BTC was transferred to the Coinbase exchange, worth $136.79 million. This was the single largest transaction by an entity on the exchange, and there have been no other Bitcoin transactions since then.

In total, Genesis Trading sold 7,074.4189 BTC, for a total dollar value of $466.65 million. While this volume is significantly smaller than the German government’s sell-off, it is still significant and contributed to the selling pressure felt by the pioneering cryptocurrency.

German government is running out of BTC

The German government’s sale may be coming to an end after a particularly terrifying run on the market. At first, the German government had a total of 50,000 BTC that was confiscated from the operators of the pirate site Movie2k.

However, due to the constant selling, the supply quickly dried up, with over 40,000 BTC sold. At the time of writing, the German government has less than 5,000 BTC left. This is good news for the market, as the sell-offs should taper off once the dumping ends.

Featured image created with Dall.E, chart from Tradingview.com