Germany Transfers Another 1300 BTC to Exchanges As Market Dips
Another major Bitcoin transfer occurred in Germany. On July 4, 1,300 BTC was transferred in portions to Coinbase, Kraken, and Bitstamp, adding to a series of recent German BTC transfers that could increase the selling pressure on Bitcoin.
Blockchain investigator PeckShieldAlert disclosed the movement of 1,300 Bitcoin from a German government-labeled wallet. This transfer, valued at approximately $75.69 million, marks a notable event in the ongoing activities of the German government within the crypto market.
#PeckShieldAlert The #Bitcoin address bc1qq0…738z (labeled as German Gov.?) has transferred 1.3K $BTC (worth ~$75M) to CEXs (#Coinbase & #Kraken #Bitstamp) pic.twitter.com/a2w6CrDltl
— PeckShieldAlert (@PeckShieldAlert) July 4, 2024
According to data from Arkham Intelligence, the German BTC transfers were distributed across three major crypto exchanges: 400 BTC (worth $23.24 million) was sent to Coinbase, 400 BTC (worth $23.24 million) to Kraken, and 500 BTC (worth $29.05 million) to Bitstamp.
Further investigations by Mempool.space disclosed an additional transfer of 1,700 BTC, valued at $98.76 million, to an external address labeled “139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
With this transfer, the total amount of BTC moved by the German government on July 4 amounted to 3,000 BTC.
This trend of German BTC transfers is not unprecedented.
On July 2, the German authorities transferred 282.74 BTC (worth $17.6 million) to Coinbase, Kraken, and Bitstamp. This followed a similar transfer on June 26, when 250 BTC (worth $15.4 million) were moved to Bitstamp and Kraken.
The origins of these Bitcoin transactions trace back to a major seizure in 2013. The German Federal Criminal Police Office (BKA) confiscated nearly 50,000 Bitcoin, worth
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