Justin Sun wants to buy them all

Justin Sun is back with another great idea. Tron's founder has now set his sights on the German government's BTC stash, boldly offering to buy it all off-market to “minimize its impact on the market”.

It all started with the suspicious transfer of 6,500 BTC to a wallet designated by the German government on June 19, worth more than $425 million, which raised concerns about market instability among traders.

The wallet in question was It is believed to be related to the money seized by the BKA in 2013 from pirate movie website Movie2k. The constant release of BTC to exchanges has further exacerbated the already chaotic market situation.

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Founder of Tron to save the day?

Labeled “German Government (BKA)” by Arkham Intelligence, the wallet became a focal point for traders worried about its impact on the market.

Bitcoin took a fresh hit to $56,770 on Thursday after the German government moved another 1,300 BTC worth nearly $75 million to three exchanges – Kraken, Coinbase and Bitstamp. In the last 15 days alone, they sold about 9,641 BTC, earning them nearly 40,360 BTC.

Although a BKA spokesperson confirmed that the crime branch will not hold the seized bitcoins, Sun's grand gift will likely go unnoticed. He read an article on his Twitter page.

I am willing to negotiate with the German government to buy all BTC off the market to minimize the impact on the market.

It's as if the sun is ready to play the crypto hero, swooping in to save the day – one title at a time.

Market disruption

Experts believe that the expected sale by the German government would have been done through auction or OTC.

In a statement to CryptoPotato, Bitfinex analysts said that by choosing to move such a huge stock of Bitcoin to exchanges, the government created a market impact equivalent to more than $450 million in market capitalization.

“By moving Bitcoin to exchanges, even though the volume sold is around $70 million, if you take into account the delta of the estimated aggregate volume of the spot based on data collected on major exchanges, the result is more than $450 million sold in the spot market. On top of that, long-term in the perpetual markets. Closing the positions, this will create a bigger market impact than the actual sale considered by the German government.