Key Takeaways
- The German authorities sent 600 BTC and 500 BTC to unknown addresses in two separate transactions.
- The U.S. government transferred millions of dollars in Bitcoin to various crypto exchanges
The German and United States governments have drawn significant attention after making substantial cryptocurrency transfers. On July 1, the German government moved 1,500 Bitcoin, worth roughly $95 million, to multiple crypto exchanges. Simultaneously, the U.S. government transferred 3,375 Ether, valued at $11.75 million, to an unknown address. These actions have sparked speculation about their intentions to sell these digital assets.
According to data from blockchain analytics firm Arkham, the German government transferred Bitcoin to addresses on exchanges such as Coinbase, Kraken, and Bitstamp. Specifically, the German authorities sent 600 BTC and 500 BTC to unknown addresses in two separate transactions. Additionally, they moved 200 BTC to a Bitstamp address, 100 BTC to a Coinbase address, and another 100 BTC to a Kraken address.
Similarly, wallets linked to the U.S. government sent 3,375 Ether to an unknown address. These funds originated from assets seized from Estonian entrepreneurs Sergei Potapenko and Ivan Turõgin. This follows previous U.S. government moves, including the transfer of 11.84 BTC worth approximately $743,000 on June 30 from another seized funds address.
These recent transfers are not isolated incidents. The U.S. government and German authorities made similar moves last week. The U.S. government currently holds about 213,534 Bitcoin, valued at $13.42 billion, and 50,524 Ether, worth roughly $175.9 million. In contrast, the German government holds 44,692 Bitcoin, valued at approximately $2.81 billion.
Both countries are among the largest state holders of Bitcoin. The U.S. tops the list, followed by China, the UK, Germany, and Ukraine, according to Bitcoin Treasuries. Despite the significant transfers, the majority of the seized Bitcoin remains under government control.
These actions have significant implications for the cryptocurrency market. The price of Bitcoin climbed 2.19% over the past 24 hours to around $62,789 at the time of publication. Ether also gained 2.71%, trading at $3,479, according to The Block’s price page.
The German Federal Criminal Police Office (BKA) has been actively moving Bitcoin since June 19. Over the past two weeks, they transferred 2,700 BTC to various exchanges, including Bitstamp, Coinbase, and Kraken. This includes the recent transfer of 400 BTC to major crypto exchanges and 750 BTC moved on June 26, with 250 BTC sent to Bitstamp and Kraken.
The German government’s Bitcoin holdings stem from a large-scale seizure in 2013. The BKA confiscated nearly 50,000 Bitcoin from the operators of Movie2k.to, a notorious film piracy website. These movements suggest a potential intention by the German authorities to liquidate some of the Bitcoin in their crackdown.
In the U.S., the government’s recent transfers came from funds seized from Potapenko and Turõgin. The latest movement involved transferring their entire $11.75 million in ETH holdings to an unknown address.
