The German state of Saxony is swiftly exhausting its Bitcoin (BTC) reserves after offloading another tranche of confiscated assets to cryptocurrency exchanges and brokers on Thursday.

Blockchain data from Arkham Intelligence reveals that wallets associated with German authorities transferred a cumulative 10,567 BTC—worth over $600 million—across various exchanges, including Bitstamp, Coinbase, and Kraken, as well as to service providers such as Flow Traders and Cumberland DRW.

Following these transactions, the authority-linked wallets now hold only 4,925 BTC, valued at approximately $285 million at current prices. This marks a significant decrease from the original 50,000 BTC, valued at nearly $3 billion, which they began liquidating three weeks ago.

At the current rate of sales, Germany’s Bitcoin liquidation could conclude by Friday or early next week, having already unloaded roughly 35,000 BTC this week. However, the final tally may vary due to the wallets’ peculiar practice of receiving a portion of the transferred assets—sometimes in the $10 million range—back from exchanges and brokers before the day ends. Greg Cipolaro, head of research at digital asset manager NYDIG, described this on-chain activity as “perplexing” in a Wednesday note.

The imminent end of Germany’s $3 billion Bitcoin sell-off might alleviate the concerns of crypto investors, who have been closely monitoring large potential sellers’ on-chain movements, linking the recent asset price downturn to fears of supply overhang.

Bitcoin’s 15% correction over the past month coincided with the U.S. government, which holds over $12 billion in seized Bitcoin, moving $240 million worth of Silk Road-related BTC to Coinbase. Additionally, the estate of the defunct Japanese exchange Mt. Gox began repayments of 140,000 BTC to creditors this month, who might seek to cash out after a decade of waiting.

NYDIG’s Cipolaro noted that fears about impending sell pressure might have been exaggerated, suggesting that Bitcoin’s decline has surpassed the potential price impact if all anticipated selling occurs.