According to the analytical platform Arkham Intelligence, cryptocurrency exchanges Coinbase, Kraken and Bitstamp returned 2,898 bitcoins worth about $163 million to the German government’s bitcoin wallet.

Blockchain explorer Arkham Intelligence reported that about 3,000 BTC out of more than 10,000 bitcoins previously put up for sale by the country’s authorities have been returned to the German government’s accounts. This includes 5,200 BTC sent to market maker Flow Traders, 4,200 BTC to B2C2 Group, 2,350 BTC to Bitstamp, 2,050 to Coinbase, and 1,250 BTC to the Kraken cryptocurrency exchange.

“Given that Arkham reportedly sent some of the bitcoins back to the German government from US crypto exchange Coinbase, it is likely that these were unsold bitcoins from another crypto asset sale agreement between crypto exchanges, market makers and the German government,” said Steven Zheng, research director at The Block.

He added that at the time of the active sales of “German bitcoins”, the crypto market was facing a painful reaction to the start of compensation payments to investors of the bankrupt exchange MtGox, which was accompanied by high price volatility of the flagship crypto asset. Therefore, exchanges and market makers most likely sent bitcoins back to Germany after failing to sell them at the target price range.

Earlier, the analytical service Arkham Intelligence provided data according to which the German authorities have 39,826 BTC on their balance sheet for a total of $2.2 billion. This is about 9% of the daily volume of bitcoin exchange trading ($25.3 billion).