According to blockchain data, the German government has transferred the last of its Bitcoin holdings, finalizing a nearly three-week-long selling spree.

As of Friday, July 12, the wallets linked to German authorities hold no remaining Bitcoin (BTC), according to blockchain data from Arkham Intelligence. The German Government sent the last of their 3846.05 BTC to Flow Traders and 139Po.

Three weeks ago, the German government held 50,000 BTC worth nearly $3 billion. Following their decision to sell, Bitcoin prices corrected by roughly 18%.

Earlier in June, the German Federal Criminal Police Office (BKA) originally seized about 50,000 BTC from the operators of the popular piracy movie website Movie2k.to in 2013. The BKA obtained the Bitcoin in mid-January after receiving a “voluntary transfer” from the suspects.

“Germany full stack dumping their seized BTC may go down as one of the biggest strategic blunders in history as soon as the next few decades,”

posted William Clemente III, the co-founder of Reflexivity Research.

Germany’s selling spree seems to be ending, but other significant players like Mt. Gox and Genesis Trading are still selling off considerable amounts of BTC, contributing to the recent price decline. Mt. Gox is repaying its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen, while Genesis Trading has been actively liquidating assets, increasing selling pressure.

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