The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions.

According to blockchain data, addresses linked to the German government moved a total of 500 BTC to Bitstamp and Coinbase (250 BTC each), worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.

JUST IN: ?? German Government sends another 1,000 #Bitcoin worth $56 million to exchanges ? pic.twitter.com/zsxg3q2tkV

— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024

Germany originally seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy website Movie2K. The stash is estimated to be worth around $2.3 billion at today’s prices.

This comes after the government shifted around $390 million in Bitcoin to various platforms since mid-June.

The steady flow of transfers to exchanges signals Germany’s potential intentions to liquidate parts of its reserves. While reasons remain uncertain, the sales have fueled volatility in Bitcoin’s price, which dipped below $55,000 last week.

However, the amounts shifted so far equate to a relatively small portion of Germany’s massive holdings. After the latest transactions, the government still possesses around 40,000 bitcoins valued at nearly $2.2 billion.

Nonetheless, the remaining reserves represent a significant share of daily Bitcoin trading volumes. As such, experts caution the threat of further turbulence lingers as long as Germany stays active in reducing exposure.

The liquidations come just as long-awaited creditor payouts from Mt. Gox’s 2014 collapse appear set to begin. This timing might compound selling pressure on Bitcoin amid an already bearish macro environment.