The German government transferred 400 BTC to Coinbase and Kraken, indicating potential asset sales. This follows substantial bitcoin movements last week. Learn more about the details and implications.
Bollywood Fever: The German government has made another significant transfer of bitcoin, sending 400 BTC (approximately $24.34 million) to cryptocurrency exchanges Coinbase and Kraken on Tuesday morning. This action suggests a potential intention to sell the assets, following substantial bitcoin movements last week, according to on-chain analytics provider Arkham.
Recent Bitcoin Movements
Arkham reported, “They have also moved 500 BTC ($30.4 million) to address 139Po. We have yet to see where these funds are moved.” This adds to the $130 million BTC sent to exchanges on June 19 and $65 million BTC sent on June 20. Interestingly, the government received $20.1 million back from Kraken and $5.5 million from wallets linked to Robinhood, Bitstamp, and Coinbase.
On Tuesday morning, data from blockchain analytics platforms indicated that the German Federal Criminal Police Office (BKA) sent 200 BTC ($12.17 million) to each crypto exchange at around 7:38 a.m. UTC.
Government Holdings
Currently, the German government holds 46,359 BTC, valued at approximately $2.8 billion at current prices, per Arkham data. Germany is one of the largest known nation-state holders of bitcoin, following the United States, China, and the UK, which hold 213,246 BTC, 190,000 BTC, and 61,000 BTC, respectively, according to Bitcoin Treasuries.
Background on Seized Bitcoin
In January, German authorities seized 50,000 BTC connected to the film piracy operation Movie2k. This seizure marked the largest amount of bitcoin ever seized by German law enforcement. The suspects voluntarily transferred the bitcoin to wallets controlled by German authorities, but it was unclear what law enforcement would do with the funds at the time.
On June 18, addresses labeled by Arkham as belonging to the German government began making small internal test transactions. This was followed by likely test transactions of 0.001 BTC ($60) to Bitstamp, Kraken, and Coinbase-labeled addresses, as well as the unlabeled “139Po” address.
Large Transfers and Implications
On June 19, a government-labeled address moved a substantial $425 million worth of bitcoin to another address it owned, followed by a further $318 million internal transfer. It then sent 500 BTC ($32.6 million) each to Kraken, Bitstamp, and Coinbase, along with 500 BTC to the “139Po” address.
On June 20, another 800 BTC ($52.7 million) was sent to the “139Po” address, followed by 200 BTC ($13.2 million) sent to Coinbase. The German government then appeared to receive back 310 BTC ($20.1 million) from Kraken and a total of 90 BTC ($5.5 million) from wallets linked to Robinhood, Bitstamp, and Coinbase since June 20.
Market Impact
Bitcoin is currently trading at $61,285, according to The Block’s bitcoin price page. The cryptocurrency is down around 6% since the German government began moving funds to exchanges last week. Bitcoin briefly fell below $60,000 on Monday following the news that the defunct bitcoin exchange Mt. Gox is set to distribute around $9 billion worth of bitcoin and bitcoin cash repayments starting in July.
The German government’s recent bitcoin transfers have created significant market movements, highlighting the impact of large-scale bitcoin transactions on the cryptocurrency market. As authorities continue to manage these assets, the market will be closely watching for further developments and potential sales.
Also Read other news articles, Indonesia’s National Data Center Hacked: Government Refuses to Pay $8 Million Ransom
Investor Interest in Bitcoin Miners Surges Following Core Scientific’s AI Hosting Deal
Timeline of Microsoft’s EU Antitrust Battles: From Interoperability to Team Bundling Charges
