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According to data shared by Lookonchain, the German government has transferred an additional 750 BTC, valued at approximately $46.35 million. Around $15.41 million or 250 BTC of this amount was sent to crypto exchanges Bitstamp and Kraken.
Despite these transfers, the entity still maintains a significant Bitcoin reserve, currently holding 45,609 BTC, which has an estimated value of $2.81 billion.that the German government also transferred 0.001 BTC to Flow Traders, which may be a test transaction. This suggests that the authorities may be exploring additional avenues for selling the Bitcoin holdings through this trading firm.
The recent movements are part of a larger trend, with over 2,000 BTC sold from the address identified to be of the government, which coincided with a period of market turmoil.a wallet linked to the German Federal Criminal Police Office , which moved $24 million worth of Bitcoin to Kraken and Coinbase exchanges. An additional $30 million in BTC was transferred to a new untagged wallet.
The origin of this Bitcoin trove can be traced back to the seizure by the BKA from the operators of Movie2k.to, a now-defunct film piracy website that was active in 2013. The seized amount, nearly 50,000 BTC, was worth over $2 billion at the time of confiscation. The BKA received these funds in mid-January following a “voluntary transfer” from a suspect involved in the case.
The top digital asset had soared to $62,400 after the market-wide crash, but the overall pressure resulted in another decline. As of now, BTC struggles to remain above $61,000.Best AI Crypto Coins in 2024: Top 9 Projects to WatchOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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