German Government Transfers Additional 750 BTC, Maintains Significant Reserve
In an interesting development, data from Lookonchain reveals that the German government has transferred an additional 750 BTC, valued at approximately $46.35 million. Among this amount, around $15.41 million or 250 BTC was sent to popular crypto exchanges Bitstamp and Kraken. Despite these transfers, the entity still holds a substantial Bitcoin reserve, currently owning 45,609 BTC, with an estimated value of $2.81 billion.
Large Transfers and Test Transactions
- Data disclosed that in addition to the large transfer, the German government also sent a small amount of 0.001 BTC to Flow Traders, which could potentially be a test transaction.
- This move indicates that the authorities might be exploring alternative options for selling their Bitcoin holdings through this trading firm.
- These recent movements are part of a bigger pattern, with over 2,000 BTC sold from the address linked to the government, coinciding with a period of market uncertainty and volatility.
Wallet Movements Linked to BKA
- The news comes shortly after Arkham Intelligence highlighted a wallet associated with the German Federal Criminal Police Office (BKA), which made significant transfers.
- An amount totaling $24 million in Bitcoin was moved to Kraken and Coinbase exchanges, with an additional $30 million transferred to a new untagged wallet.
- These transactions follow previous transfers on June 19 and 20, amounting to $130 million and $65 million respectively.
- The origin of this Bitcoin stash can be traced back to a seizure by the BKA from the operators of Movie2k.to, a defunct film piracy website from 2013.
- The seized amount, nearly 50,000 BTC, was worth over $2 billion at the time, and was obtained through a “voluntary transfer” from a suspect linked to the case.
Bitcoin Price Impact
The recent Bitcoin transfers by the German government seem to have had an impact on the market, contributing to fluctuations in the asset’s price and causing a temporary dip below $60,000 earlier this week. These divestments have once again added pressure to the market, affecting Bitcoin’s overall price movement.
- Following a market-wide crash, Bitcoin had climbed to $62,400, but the continued pressure has led to another decline in its price.
- Currently, BTC is facing challenges to stay above the $61,000 mark as market dynamics continue to evolve.
Hot Take: Bitcoin Transfers Influence Market Trends 📉
It’s evident that the recent Bitcoin transfers by the German government have influenced market trends and affected the price movement of the digital asset. With significant amounts being moved to various exchanges and wallets, the market continues to react to these actions. As the crypto landscape evolves, such large-scale transactions can have a lasting impact on Bitcoin’s volatility and overall market sentiment.
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