德國政府在出售49,858比特幣（BTC）後，錯過了23億美元的利潤

德國政府在2024年中期出售了將近50,000比特幣（BTC）後，缺少超過23億美元的利潤。比特幣平均約57,900美元

The German government missed out on over $2.3 billion in profit after selling nearly 50,000 Bitcoin (BTC) in mid-2024. Bitcoin, which averaged around $57,900, later surged past $104,000 by May 2025. This sale counts as one of a state entity’s largest missed profit opportunities in recent crypto history.

德國政府在2024年中期出售了近50,000個比特幣（BTC）後，錯過了超過23億美元的利潤。比特幣的平均約57,900美元，後來到2025年5月飆升了104,000美元。這筆銷售是最近加密歷史上國家實體最大的錯過利潤機會之一。

German Government Sold Bitcoin Below Peak Market Value

德國政府將比特幣低於峰值市場價值

The “German Government (BKA)” wallet performed several Bitcoin transactions in June and July 2024. During this time, the wallet sold 49,858 Bitcoin for $2.89 billion across multiple exchanges. However, Bitcoin’s price has increased by over 80%, massively boosting its current value.

“德國政府（BKA）錢包在2024年6月和7月進行了幾筆比特幣交易。在此期間，該錢包在多個交易所以28.9億美元的價格出售了49,858個比特幣。但是，比特幣的價格上漲了80％以上，大大提高了其當前價值。

The German Government sold 49,858 BTC for $2.89B, at an average price of $57,900.

德國政府以2.89b美元的價格出售了49,858 BTC，平均價格為57,900美元。

If they had held it, their BTC would now be worth $5.24B.

如果他們持有它，他們的BTC現在價值$ 5.24B。

Opportunity cost: $2.35 Billion pic.twitter.com/XYlm7qBg98

機會成本：23.5億美元pic.twitter.com/xylm7qbg98

— Arkham (@arkham) May 19, 2025

- 阿卡姆（@arkham）2025年5月19日

These coins were reportedly seized from Movie2k operators, a now-defunct piracy platform. The wallet first sparked market concerns on June 19 after transferring 6,500 Bitcoin, valued at $425 million. The transactions unfolded without optimal timing or strategic execution, limiting the overall returns.

據報導，這些硬幣是從現已停產的盜版平台Movie2k運營商中扣押的。該錢包首先在6月19日轉移了6,500個比特幣，價值4.25億美元。交易在沒有最佳時機或戰略執行的情況下進行了，限制了總回報。

The German government utilized at least five exchanges, impacting market pricing during the selling phase. This activity created downward pressure and reduced the total revenue generated. Market participants noted that this irregular selling method caused increased volatility during the selling window.

德國政府使用了至少五次交流，影響了銷售階段的市場定價。這項活動造成了向下壓力，並減少了產生的總收入。市場參與者指出，這種不規則的銷售方法在銷售窗口期間導致波動性增加。

Bitcoin Rose Sharply After Government Wallet was Emptied

政府錢包被清空後，比特幣急劇上升

After the wallet ran out of Bitcoin on July 13, 2024, BTC's price rebounded above $60,000 on July 14. This price shift came after several weeks of uncertainty driven by the wallet's activity. The sudden stop in sales helped ease broader market sentiment.

在2024年7月13日，錢包用完了比特幣之後，BTC的價格在7月14日的60,000美元以上反彈。這種價格轉移是在錢包的活動驅動的幾週不確定性之後發生的。銷售的突然停止有助於緩解更廣泛的市場情緒。

According to CoinMarketCap, BTC trades above $104,700 at the time of writing. If the government had held its position, it would now own over $5.24 billion in Bitcoin. This reflects a missed gain of over $2.35 billion within less than one year.

根據CoinMarketCap的數據，BTC在撰寫本文時交易超過104,700美元。如果政府保持其職位，現在它將擁有超過52.4億美元的比特幣。這反映了不到一年的時間內未超過23.5億美元的收益。

The rapid price increase suggests that the high demand continued despite the earlier sell-offs. The market absorbed the sold Bitcoin and continued on an upward trajectory. Meanwhile, analysts pointed to the timing as the main factor behind the missed gains.

價格快速上漲表明，儘管拋售較早，但需求仍在繼續。市場吸收了賣出的比特幣，並繼續沿著向上的軌跡。同時，分析師指出時機是錯過收益背後的主要因素。

Market Reactions Point to Poor Execution Strategy

市場反應指向執行策略不佳

Arkham Intelligence tracked the sales and concluded that the transactions lacked coordination and a timing strategy. Founder Miguel Morel stated the government sought liquidity instead of market optimization. The use of multiple platforms showed a preference for speed over long-term gain.

阿卡姆情報公司（Arkham Intelligence）跟踪了銷售，並得出結論，交易缺乏協調和時機策略。創始人米格爾·莫雷爾（Miguel Morel）表示，政府尋求流動性，而不是市場優化。多個平台的使用表現出對速度而不是長期增益的偏愛。

This approach caused more price disturbance than the actual volume of Bitcoin sold. The market reacted sharply to the timing and style of the trades. Blockchain data revealed that the wallets offloaded BTC without regard for minimizing price disruption.

這種方法引起的價格干擾比實際出售的比特幣數量更大。市場對交易的時機和風格做出了巨大的反應。區塊鏈的數據顯示，錢包不考慮最小化價格中斷而卸載了BTC。