The German government has made a significant Bitcoin (BTC) transaction amid a bearish market trend.

According to data from Arkham Intelligence, the German government moved 1,000 BTC—worth $56.65 million at the time of writing—at 06:48 UTC today. They sent 250 coins to each of the Coinbase and Bitstamp crypto exchanges. The remaining 500 BTC were transferred to an unknown address, “139PoP…H7ybVu,” which might be an over-the-counter (OTC) service.

Additionally, the German government still holds 38,826 BTC, worth $2.16 billion.

On July 6, the government transferred $40.47 million in Bitcoin to the same address mentioned above. The assets were then moved to two other Bitcoin wallets, each containing $91.6 million and $23.7 million in BTC, respectively.

The selloffs come as Bitcoin and altcoins suffer significant losses. BTC is down by 2.2% in the past 24 hours and is trading at $56,650 at the time of writing. The asset’s daily trading volume increased by 29%, reaching $26.6 billion. Bitcoin’s market cap stands at $1.11 trillion.

Member of the German Bundestag Joana Cotar urged the government to stop the Bitcoin sale. She called BTC a “strategic reserve currency” and said that Bitcoin could diversify Germany’s treasury assets.

Tron founder Justin Sun stated on July 4 that he is willing to purchase Germany’s Bitcoin holdings via OTC. He added that it could “minimize the impact on the market.”

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