A wallet associated with the German government transferred 6,500 BTC (~$425 million) to a new address, some of which ended up on exchanges. This follows from the data Arkham.
Initially, the wallet, labeled German Government (BKA), contained 50,000 BTC. According to Arkham, these are funds confiscated in January from the administrators of the pirated movie site Movie2k.
Of the transferred amount, 2,500 BTC were sent to another address, from which four transactions of 500 BTC followed. The recipients of two of them were the cryptocurrency exchanges Kraken and Bitstamp.
The transfer of so many bitcoins to trading platforms for possible sale raised fears in the community of negative consequences for the cryptocurrency rate. One trader linked the transactions to an increase in short positions in digital gold and a “small drop” in the price.
The German government sent some coins to Kraken & Bitstamp 1-2 hours ago.
Explains the shorts coming in and small dip we saw on #Bitcoin earlier. https://t.co/qizbuWs5wd pic.twitter.com/wgweiINjOR
— Daan Crypto Trades (@DaanCrypto) June 19, 2024
At the time of writing, almost 48,000 BTC worth $3.1 billion remain at the disposal of the German authorities.
Source: Cryptocurrency
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