The German government's Bitcoin wallet is down to 9,094 Bitcoin — just 18% of what it started with — after the latest string of back-and-forth transfers with crypto exchanges on July 11.

The wallet, which has been holding Bitcoin BTC $57,153 seized from a film pirating website crackdown in January, has transferred out billions in Bitcoin

The German government is continuing to sell off the Bitcoin ( BTC ) that was seized from a film pirating website earlier this year, with the latest transfers bringing its total holdings down to just 18%.

According to data from blockchain intelligence firm Arkham, on July 11, the German government’s Bitcoin wallet transferred 10,620 BTC — valued at $615 million at the time — to cryptocurrency trading platforms Coinbase, Bitstamp, Kraken, Flow Traders and two anonymous addresses.

However, some of those funds were later transferred back to the German government wallet, leaving it with 9,094 BTC — down from the 49,857 BTC that were seized from film piracy website Movie2k back in January, which were valued at $520 million at the time.

The two anonymous addresses that received large sums of BTC from the German government both begin with “bc1,” which is used by several cryptocurrency hardware wallets and institutional trading service providers.

One of the addresses ends in “139Po,” which could belong to cryptocurrency hardware wallet manufacturer Trezor, as many of its generated addresses end in “1Po.” Meanwhile, the other address ends in “bc1qu,” which is used by institutional over-the-counter trading service B2C2.

Although Arkham has speculated on the possible ownership of the two anonymous addresses, that has not yet been confirmed by the relevant parties.

The German government’s mass sell-off has not sat well with some members of the German parliament, such as Bitcoin activist Joana Cotar, who argued earlier this month that the BTC could have instead been adopted as a “strategic reserve currency” to shield against risks in the traditional system.

One Ordinals user also seemingly voiced their own frustrations on something else, sending an inscription in German to the Deutschland BTC address that translates to “Taxes are robbery.”

The sell-off, combined with worries that Mt. Gox has started to offload more than $8 billion in Bitcoin to its creditors, has largely fueled a Bitcoin price slump in recent ‘buy the dip’ mentions on social platforms surge as Bitcoin stumbles

The bearish events have contributed to the Crypto Fear & Greed Index — an indicator tracking market sentiment — falling into the “Extreme Fear” zone for the first time since January last year.

Bitcoin is currently trading at $56,870, down 1.8% over the last 24 hours and 15.1% over the last month.

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