The German Government Moves $362 Million Worth of Bitcoin
Earlier today, the German government transferred a total of $362 million worth of Bitcoin to Kraken and various crypto trading desks. Arkham Intelligence, a blockchain analytics firm, reported on these transactions.
Multiple Wallet Transfers
- The German government controls five different wallets, collectively holding $1.3 billion in Bitcoin.
- Wallet transfers included $55 million to Kraken and $6 million to Chicago-based Cumberland DRW.
- A significant amount of 5,000 BTC worth around $246 million went to an institutional deposit/OTC service.
A Closer Look at the Transactions
- Germany withdrew $113 million from Kraken in the past 24 hours.
- Overall, the government withdrew 5,366 Bitcoin from various exchanges, including Bitstamp and Coinbase.
Market Impact and Current Trends
- Despite the significant transfers, the impact on Bitcoin’s price has been limited.
- Bitcoin is currently trading above $57,130, showing a 0.2% increase since yesterday.
- The German government holds $1.3 billion in Bitcoin, down from $3.5 billion in early June.
Hot Take: Will the German Government Continue to Influence Bitcoin Markets?
With ongoing transfers and significant holdings, the German government’s crypto activities are closely watched. Stay tuned to see how these actions impact the crypto market in the near future.
By
By
By
By
By
By