- German gov’s BTC transfers indicate active liquidation strategies, sending $15.41M to Bitstamp and Kraken.
- Total $150M BTC moved to exchanges; 45,609 BTC ($2.8B) still held by Germany, a top nation-state Bitcoin holder.
- BTC price dips slightly amid German transfers and upcoming Mt. Gox $9B distribution, influencing market trends.
The German government has transferred $15.41 million worth of Bitcoin to cryptocurrency exchanges Bitstamp and Kraken, raising questions about the authorities’ plans for their substantial Bitcoin holdings.
This transfer is part of a larger movement of 750 BTC ($46.35 million) initiated by authorities earlier.
According to Arkham, the on-chain analytics provider, the German Federal Criminal Police Office (BKA) sent 125 BTC ($7.7 million) to each exchange at around 7:52 a.m. UTC. Additionally, they transferred 500 BTC ($30.9 million) to an unidentified address labeled “139Po.” This substantial transaction volume indicates the government’s active management of its seized cryptocurrency assets.
Notably, the German government also sent a minuscule of 0.001 BTC to Flow Traders. This transfer most likely is reported to be a test transaction for Bitcoin selling through this market maker, suggesting the authorities are exploring multiple avenues for liquidating their holdings.
The recent transactions follow the seizure of 50,000 BTC from the film-piracy site Movie2k in January. Since last week, government-labeled addresses have been actively sending Bitcoin to exchanges. On Tuesday, 400 BTC ($24.3 million) were sent to Coinbase and Kraken, along with 500 BTC ($30.4 million) to the “139Po” address.
Approximately $150 million worth of Bitcoin has been transferred to crypto exchanges. An additional $147 million was sent to the “139Po” address. Interestingly, the government got back 310 BTC ($20.1 million) from Kraken last week and has also received 90 BTC ($5.5 million) from wallets linked to Robinhood, Bitstamp, and Coinbase since June 20.
Currently, the German government owns 45,609 BTC, estimated to be worth approximately $2.8 billion. This significant holding places Germany among the top nation-state Bitcoin holders globally, trailing only the United States, China, and the UK. The United States leads with 213,246 BTC, followed by China with 190,000 BTC, and the UK with 61,000 BTC.
At the time of writing, Bitcoin’s price is $61,211.24, with a 24-hour trading volume of $26.2 billion. Bitcoin has experienced a slight decline of 0.09% in the last 24 hours. The recent dip was also influenced by news that the defunct Bitcoin exchange Mt. Gox is preparing to distribute approximately $9 billion worth of Bitcoin and Bitcoin Cash repayments starting in July.
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