The German Federal Criminal Police Office (BKA) on Monday transferred an additional 1,500 Bitcoin, valued at nearly $95 million, to multiple crypto exchanges, including Bitstamp, Coinbase, and Kraken.
JUST IN:
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024German Government sends another 1,500 #Bitcoin worth $95 million to exchanges
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This follows a series of transactions since June 19, where the German government has moved Bitcoin worth approximately $220 million to various exchanges, according to data from Arkham.
The German government first acquired these Bitcoin after a large-scale seizure in 2013. The BKA confiscated almost 50,000 Bitcoin, then valued at over $2 billion, from the operators of Movie2k.to, a notorious film piracy website active during that period.
These movements suggest a potential intention by the German authorities to liquidate some of the Bitcoin in the crackdown.
This move by Germany mirrors recent actions by the U.S. government, which also transferred millions of dollars in Bitcoin to exchanges, potentially signalling their intention to sell. In both cases, the transfers have sparked significant speculation within the Bitcoin community about the potential impact on Bitcoin's market price.
Despite the substantial movements, most of the seized Bitcoin remains under the German government's control. Almost 44,692 Bitcoin, worth approximately $2.82 billion, are still held in government wallets. This means that the recent transfers, while notable, represent a relatively small portion of the total holdings.
As the situation unfolds, how the Bitcoin market will react to these government-initiated movements remains to be seen.
Source: Bitcoin Magazine - Bitcoin News, Articles and Expert Insights