The German government is keeping Bitcoin traders on the edge of their seats, relocating thousands of BTC in just one day.
The blockchain “de-anonymizing” platform Arkham reports that the German government moved more than 16,000 BTC worth over $915 million in a 24-hour period.
Arkham initially spotted the German government shifting hundreds of millions of dollars in BTC to various addresses mostly belonging to crypto exchanges and market makers.
“Today, the German Government sent 2,738.7 BTC ($155.3 million) to likely exchanges/market makers including Kraken, Cumberland, 139Po (likely deposit for institutional/over-the-counter service) and address bc1qu.”
In an update, Arkham says the German government subsequently moved 8,100 BTC worth $463.2 million to wallets belonging to crypto exchanges Kraken, Bitstamp and Coinbase and market maker Flow Traders.
In another update, Arkham reports that the German government moved 5,200 BTC worth $297.3 million to Kraken, Bitstamp, Coinbase and 139Po.
“That makes this the biggest day for them so far – over 16,000 BTC in total.”
The government currently holds 28,988 BTC worth about $1.66 billion, according to Arkham.
The German government was first spotted moving Bitcoin to exchanges last month. German authorities seized the BTC as part of an investigation into Movie2k.to, a now-defunct illegal streaming site that was accused of distributing more than 880,000 pirated films between 2008 and 2013.
German police confiscated nearly 50,000 BTC related to the case.
Some in the blockchain sector have looked to the German crypto sales with concern. But the pseudonymous digital asset analyst PlanB tells his 1.9 million followers on the social media platform X he’s not worried about the selling pressure from the German government.
“Yes yes, the German government is selling 50,000 BTC… and Mt.Gox is giving 142,000 BTC back to investors (some may sell)… However, I see nothing in the data that indicates structural weakness in Bitcoin markets.”
At time of writing, Bitcoin is trading for $56,426, up over 3% in the past day.
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