For several days Germany has been transferring thousands of bitcoin to different exchanges and market makers in an apparent effort to sell the crypto it seized in January.

The European nation's wallet reached a zero balance on Friday afternoon, according to data compiled by Arkham Intelligence, which posted to X that Germany had sent "3846.05 BTC ($223.81 million) to Kraken."

Earlier Friday, the German wallet transferred bitcoins to wallets linked to Bitstamp, Coinbase, Kraken, B2C2 Group, Cumberland DRW and an unlabeled OTC service address, also according to Arkham Intelligence, an on-chain analytics firm.

The days of bitcoin transfers appear related to the German government's plan to sell the 50,000 bitcoins it confiscated earlier this year from the now-defunct film piracy website …