As a seasoned crypto investor with a keen interest in following Bitcoin’s price movements and news, I find the recent developments surrounding the German government’s Bitcoin transfers particularly noteworthy. The data shared by Lookonchain revealing additional BTC transfers, worth millions of dollars, has piqued my curiosity.
Based on information provided by Lookonchain, the German government has moved an extra 750 Bitcoin, equivalent to around $46.35 million. Around 250 BTC or approximately $15.41 million were forwarded to cryptocurrency exchanges Bitstamp and Kraken.
In spite of making these transactions, the organization continues to possess a substantial Bitcoin hoard, amounting to 45,609 coins at present. The worth of this stash is approximately equal to 2.81 billion dollars.
Large Transfers and Test Transactions
As a researcher examining the data, I discovered that the German government conducted a small Bitcoin transaction of 0.001 BTC to Flow Traders. This possible test transfer implies that the authorities could be considering using this trading firm as an additional outlet for selling their Bitcoin holdings.
Lately, transactions originating from an identified government address have accounted for over 2,000 Bitcoins being offloaded, aligning with a tumultuous phase in the cryptocurrency market.
Yesterday’s news of the development follows an alert from Arkham Intelligence, indicating that a Bitcoin wallet associated with the German Federal Criminal Police Office (BKA) had transferred approximately $24 million in Bitcoin to Kraken and Coinbase exchanges. An extra $30 million in BTC was moved to a new, untagged wallet. These transactions come on top of previous transfers that occurred on June 19th and 20th, totaling $130 million and $65 million respectively.
As a crypto investor, I’d put it this way: In early 2013, a significant stash of Bitcoin, around 50,000 coins, was amassed by the operators of Movie2k.to, an infamous film piracy website that met its end. When the German Federal Criminal Police Office (BKA) seized this digital fortune in mid-January of the same year, it held an estimated worth of over $2 billion. The BKA acquired these funds following a voluntary transfer from a suspect linked to the case.
Bitcoin Retreats Again
Lately, the volatile market swings can be attributed to the German government’s Bitcoin transactions and other contributing factors that momentarily drove down the value of the primary asset beneath $60,000 this week. The recent Bitcoin sell-off has further intensified market stress.
After the market-wide crash, the leading digital currency reached a peak of $62,400. However, the persistent market pressure caused it to slide once more. At present, bitcoin is having a hard time holding its ground above the $61,000 mark.
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2024-06-27 09:37