German Authorities Move $17.6 Million in Bitcoin to Exchanges, Sparking Sale Speculation

German authorities transfer 282.74 BTC to major exchanges, continuing a series of moves following a significant seizure. The transactions, totaling $193 million to exchanges, raise questions about government plans for seized cryptocurrencies and their potential market impact.

Key Insights

  • German authorities transferred 282.74 BTC ($17.6 million) to Coinbase, Bitstamp, and Kraken, potentially signaling intentions to sell.
  • This follows previous transfers, totaling approximately $193 million sent to known exchanges and $251 million to an unidentified address.
  • Germany currently holds 43,859 BTC ($2.7 billion), ranking among the largest nation-state bitcoin holders.

BERLIN (MarketsXplora) – German authorities have transferred 282.74 bitcoin (BTC), valued at approximately $17.6 million, to major cryptocurrency exchanges on Tuesday morning, according to data from blockchain analytics provider Arkham. This move suggests a potential intention to liquidate the assets.

The transfers, originating from addresses labeled as belonging to German authorities, come in the wake of a significant seizure of 50,000 BTC from the film-piracy site Movie2k in January. The German Federal Criminal Police Office (BKA) distributed the funds across three prominent exchanges:

  • 100 BTC ($6.2 million) to Coinbase
  • 150 BTC ($9.4 million) to Bitstamp
  • 32.74 BTC ($2 million) to Kraken

These transactions were executed around 8:20 a.m. UTC on July 2.

In addition to these transfers, the authorities sent 550 BTC ($34.3 million) to an address labeled as “139Po.” While Arkham has not yet identified this address, it may potentially belong to another exchange.

This latest movement of funds follows a series of similar transfers made by German authorities in recent days. On Monday, they sent 200 BTC ($12.6 million) to Bitstamp, 100 BTC ($6.3 million) to Coinbase, and 100 BTC ($6.3 million) to Kraken. Another 1,100 BTC ($69.4 million) was transferred to the unidentified “139Po” address.

The cumulative value of bitcoin transferred by German authorities to known exchange addresses now stands at approximately $193 million, with an additional $251 million sent to the “139Po” address.

Earlier activity includes a transfer of 345.34 BTC ($21.2 million) to market maker Flow Traders on June 26, following a test transaction. This move led some analysts, including those at Lookonchain, to speculate that the government may have sold bitcoin through the firm.

Interestingly, the German government appears to have received back some bitcoin from exchanges. On June 27, 475 BTC ($29.2 million) was returned from addresses associated with Kraken, Bitstamp, and Coinbase. This followed a previous receipt of 310 BTC ($20.1 million) from Kraken on June 20, and an additional 90 BTC ($5.5 million) from wallets linked to Robinhood, Bitstamp, and Coinbase.

Read also! U.S. Government Moves $241 Million in Seized Bitcoin to Coinbase

German Government’s Bitcoin Movements Shake Crypto Markets

According to Arkham’s data, the German government currently holds 43,859 BTC, valued at around $2.7 billion at current market prices. This positions Germany among the largest known nation-state holders of bitcoin, behind the United States (213,246 BTC), China (190,000 BTC), and the UK (61,000 BTC), as reported by Bitcoin Treasuries.

The cryptocurrency market has shown some sensitivity to these large movements of funds. Since the German government began transferring bitcoin to exchanges on June 18, the price of bitcoin has declined by approximately 4%. As of the latest data from Coinmarketcap, bitcoin is trading at $62,619.

Samson Ononeme

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