Germany transfers millions in Bitcoin to various wallets

The German Federal Criminal Police Office (BKA) transferred 900 Bitcoins to Kraken, Coinbase and an untagged wallet.

According to Arkham data, a wallet associated with BKA sent $24 million worth of Bitcoin (BTC) in two transactions to cryptocurrency exchanges Kraken and Coinbase in Europe in the morning hours. The total amount of Bitcoin transferred was 400 BTC.

An additional 500 BTC ($30.4 million) was moved to an untagged address labeled “139Po.”

These transfers will be in addition to the $130 million BTC sent to exchanges on June 19 and the $65 million BTC sent to exchanges on June 20.

UPDATE: German Government sells additional $24 million worth of BTC

In the past 2 hours, the German Government moved 400 BTC for deposit exchanges on Kraken and Coinbase.

They also moved 500 BTC to address 139Po. We have yet to see where these funds are being moved to. pic.twitter.com/D6QCUv9Jgx

— Arkham (@ArkhamIntel) June 25, 2024

sales pressure

Authorities seized BTC from the operators of movie piracy website Movie2k.to. Bitcoin, which was worth over $2 billion at the time, was obtained from approximately 50,000 BTC. The suspects transferred him to the BKA via ‘voluntary transfer’ in mid-January.

There is speculation regarding this BTC transfer, with some suggesting that the German wallet owner may want to sell their BTC. Others believe diversifying their assets across various exchanges could be a strategy.

Germany holds 46,359 BTC, worth approximately $2.8 billion at current prices, positioning it as one of the largest known holders of Bitcoin nation-states, behind the United States, China and the United Kingdom.

These transactions followed significant moves by RDA last week; $130 million was sent to the stock exchanges on June 19, and $65 million was sent to the stock exchanges on June 20.