German Government moved more than USD $800 million in Bitcoin – DiarioBitcoin
By Hannah Perez
A wallet associated with the German government is moving large amounts of Bitcoin, and some coins have ended up on exchanges, indicating potential selling intent.
***
- A Bitcoin wallet belonging to the German government moved a fortune
- It carried out eight transactions this Wednesday of between USD $12 and USD $430 million
- More than $60 million worth of Bitcoin was sent to two exchanges, possibly with the intention of selling
- The trades could put even more downward pressure on the Bitcoin market
The German government could be adding downward pressure to the cryptocurrency market now that it is moving extraordinary amounts of Bitcoin.
The data from Arkham Intelligence reveal that a wallet address identified as belonging to the German Federal Criminal Police Office (BKA) has moved more than USD $800 million in Bitcoin in the last 10 hours.
In particular, you can see eight transfers made this June 19, 2024 for a combined value of USD $873.56 million in Bitcoin. Much of the funds were sent to another separate wallet held by German authorities, also identified as belonging to BKA by the on-chain analytics platform, suggesting the relocation of funds.
However, another part of the bitcoins were sent to two cryptocurrency exchanges, which could indicate a possible sale intention by the German government, as noted by the media CoinDesk, who first reported the news.
A small transaction worth $13, possibly a test one, marked the start of the moves, followed by transactions of between $35 million and $430 million. Among those, data shows that $32.7 million was deposited in bitcoins on the platform Krakenfollowed by a deposit of the same amount to Bitstamp.
The CEO of arkhamMiguel More, suggested to CoinDesk that the German authorities could be trying to sell more than USD $100 million in Bitcoinsince a portion of the funds were sent to “service wallets“which generally indicates a “intention to sell in the near future“, according to that report.
The German government wallet from which the bitcoins currently holds just over $3 billion worth of BTC, according to the data, while the second associated wallet holds Bitcoin worth USD $259 million.
The fortune of Bitcoin of the German government comes from a police investigation in which almost 50,000 BTC, currently worth more than USD $3 billion, were confiscated linked to the movie piracy site Movie2k.to. The BKA received the bitcoins in mid-January after a “voluntary transfer” of the suspects, according to reports.
The team of Arkham Intelligence had begun tracking German police wallets at the time.
The operations coincided with a bearish correction for Bitcoin, which fell to USD $64,000 this Wednesday before recovering modestly. The rest of the market is also facing turmoil and weekly losses.
Article by Hannah Estefanía Pérez / DailyBitcoin
Edited image of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
