German authorities continue to download Bitcoins seized from the defunct film Movie2k earlier this year.
This follows a series of transactions over the past week, with a total value of around $150 million worth of Bitcoin transferred to exchange wallets.
Another $147 million was sent to an unidentified company classified as “139PB” through Arkham, which could potentially be some other exchange.
The identity of the “139Po” face remains a mystery. While it is conceivable that this is another exchange, it raises questions about where that budget will ultimately go.
Analysts are closely following these developments, concerned about the potential impact on Bitcoin’s value. In short, the stock fell below $60,000 this week following the news of the big sell-off in Germany, and lately it is down around 6% since those transfers began.
Also read: SEC Chair Gensler says Ethereum ETF review is “progressing smoothly”
Why It Matters: The upcoming distribution of Bitcoin and Bitcoin Cash from the collapsed Mt. Gox increases market uncertainty.
This large influx of approximately $9 billion in cryptocurrencies is expected to begin in July and could put even more downward pressure on prices.
Despite those sales, Germany remains one of the world’s sovereign Bitcoin holders, with existing holdings estimated at around 45,609 BTC (worth around $2. 8 billion).
The United States, China and the United Kingdom have larger reserves.
What’s next: For more information and discussions on the effect of these advancements on the virtual asset market, register for industry leaders at Benzinga’s Future of Digital Assets event on Nov. 19.
Read next: Congressman Matt Gaetz introduces bill to allow federal taxes to be paid in Bitcoin
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