German Govt Transfers Another $52 Million in Bitcoin Amid Selling Concerns

Share IT

Key Takeaways

  • Reportedly,  the wallet sent 100 BTC to the Coinbase exchange, 150 BTC to Bitstamp, and over 32 BTC to the Kraken exchange. 
  • In the last 10 days, the German govt has sold nearly 1,000 BTC, reducing its BTC holdings by approximately $163.5 million.

A cryptocurrency wallet labeled as belonging to the German Federal Criminal Police Office (BKA) has sold another $52 million worth of Bitcoin, raising speculations that the government may be liquidating its vast Bitcoin holdings. On July 2, the wallet transferred 832.7 BTC across four individual transactions.

According to data from Arkham Intelligence, the wallet sent 100 BTC to the Coinbase exchange, 150 BTC to Bitstamp, and over 32 BTC to the Kraken exchange. The largest transaction involved 550 BTC, worth over $32 million, sent to a wallet known as “139Po.” This wallet has previously received funds from the German government, including 500 BTC on June 25 and 800 BTC on June 20.

In the past 10 days, the German government has sold nearly 1,000 BTC, reducing its Bitcoin holdings by approximately $163.5 million. The most recent transfer of 282.74 BTC further indicates the continued liquidation of Bitcoin assets. During this period, Bitcoin’s price has fallen from $64,827 to $62,671, suggesting potential market impacts from these sales.

The BKA-labeled wallet still holds over 43,850 BTC, worth more than $2.75 billion. This large holding could pose a threat to Bitcoin’s price if more selling pressure is exerted. Governments worldwide often confiscate Bitcoin and other digital assets from criminals and occasionally hold auctions to sell these assets.

For instance, the United States government has already sold a significant portion of the BTC seized from the infamous dark web marketplace, Silk Road. Last week, wallets linked to the U.S. government also sent 3,375 Ether to an unknown address.

The current situation has sparked considerable discussion within the cryptocurrency community about the potential impacts of government liquidations on the market. While the exact reasons behind the German government’s recent sales remain unclear, the continued movement of large amounts of Bitcoin from the BKA-labeled wallet suggests that more sales could be on the horizon.

In conclusion, the recent activities of the German government’s Bitcoin wallet indicate a significant liquidation effort, with nearly 1,000 BTC sold in the past 10 days alone. 

Share IT
Saniya Raahath
Saniya Raahath

Get Daily Updates

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!