Another $500 million in Bitcoin leaves German government wallet – DiarioBitcoin
By Hannah Perez
The German government continues the streak of —alleged— Bitcoin sell-offs. More than 8,000 BTC have left the German authority’s wallet in the past 24 hours, but about 15,100 BTC still remain.
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- German authorities continue to make huge Bitcoin moves
- More than 8,000 BTC left the German government’s wallet on Wednesday
- There are still about 15,000 BTC worth USD $884 million left
- Bitcoin Rebounds Above $58,000 Despite Selling Pressure
The whale moves of the German authorities continue. The German government resumed its streak of transactions Bitcoin toward exchanges and other platforms, allegedly in an extended sales campaign.
The wallet of Bitcoin (BTC) labeled as property of the German Federal Criminal Police Office (BKA) made a series of movements this Wednesday worth currently USD $510 million.
The data from Arkham Intelligence show that the wallet address in question sent 750 BTC to the cryptocurrency exchange Krakenand another 500 bitcoins to Coinbasefor a combined value of approximately USD $73.2 million before transferring even more bitcoins towards other external directions.
Around 4,127 BTC left the trading platform’s internal wallet Flow Traders in three transactions. Arkham also identified Cumberland DRWa company specializing in the creation of institutional cryptocurrency markets and offering transaction settlement services, as the recipient of 536 bitcoins of the German government.
Finally, the BKA wallet would also have made a series of transactions to two unidentified addresses, which are estimated to belong to institutional or OTC exchange services, for a total of 2,940 bitcoinsIn total, more than 8,800 BTC worth approximately USD $517 million have left the German government’s portfolio on Wednesday.
BKA Wallet Address still holds about 15,100 BTC valued at around USD $884 million at the time of editing, according to the same data source.
The German police portfolio has been sending large amounts of Bitcoin to external entities during the last few weeks. The movements of Bitcoin They started last month, after having carried out a seizure of 50,000 BTC to the movie piracy site Movie2k in January. Data suggests that around 35,000 BTC has been disposed of so far.
The transactions are estimated to have been made with the intention of selling, which has been adding huge liquidity to the market. Bitcoin and has consequently exerted downward pressure on prices.
Bitcointhe largest cryptocurrency by market cap, has been suffering from a prolonged decline in recent days, with its price recently retreating below $55,000 to a five-month low. However, despite the latest moves by the German government, BTC recovered modestly on Wednesday.
At the time of editing, Bitcoin is around $58,300, up 1.6% on the day.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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