German Government Moves $520M in Bitcoin to Exchanges, More Sell-Off Ahead?

1 week ago 49

The German government wallet has recently moved overall 8853.5 BTC, worth nearly $520.17 million, to multiple crypto exchanges. Despite this large transfer, Bitcoin’s price remained steady at around $58,500, reflecting a 2% increase in the last 24 hours. 

Meanwhile, these transactions to multiple exchanges have raised fears in the crypto space, indicating that more sell-offs may be coming soon.

Massive Bitcoin Transfer

As per Arkham Investment, the German Government transferred 8853.5 BTC in total to various prominent exchanges and institutional deposit services. The recipients of these transactions included Kraken, Cumberland, Flow Traders, Coinbase 139Po, and an address identified as bc1qu, which is likely linked to an institutional deposit or over-the-counter (OTC) service. 

UPDATE: The German Government just sent another 3000 BTC ($176.26M) to Flow Traders.

Total moved today: 8853.5 BTC ($520.17M).

The German Government currently holds 15,110 BTC ($883.7M).

They now hold less than $1B of the Bitcoin originally seized from Movie2k. pic.twitter.com/Fnv6nlZTv4

— Arkham (@ArkhamIntel) July 10, 2024

Interestingly, following these large-scale transfers, the German Government received 1,118 BTC, worth approximately $64.71 million, back from several exchanges. These included major platforms like Kraken, Bitstamp, and Coinbase. 

This movement suggests that while the government is selling significant amounts of Bitcoin, it is also receiving substantial amounts back from the market.

Current Holdings

As of now, the German Government holds a substantial amount of Bitcoin, totaling 15,110 BTC, which is valued at around $883.7 Million. However, the German Government now holds less than billion of the Bitcoin originally seized from Movie2k.

Perhaps, this figure highlights the significant stake the government continues to maintain in the cryptocurrency market despite the recent sell-off.

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