Here is how much BTC the German government has transferred to exchanges so far

According to data shared by Lookonchain, the German government has transferred an additional 750 BTC, valued at approximately $46.35 million. About $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 is worth an estimated $2.81 billion.

Large transfers and test transactions

The data revealed that the German government also transferred 0.001 BTC to Flow Traders, which may be a test transaction. This suggests that authorities may be exploring additional avenues to sell Bitcoin holdings through this trading company.

The recent moves are part of a wider trend, with more than 2,000 BTC sold from the address identified as the government’s, which coincided with a period of market turmoil.

The development comes just a day after Arkham Intelligence flagged a wallet linked to Germany’s Federal Criminal Police Office (BKA) that moved $24 million worth of Bitcoin to exchanges Kraken and Coinbase. An additional $30 million in BTC was transferred to a new untagged wallet. These movements are added to the transfers made on June 19 and 20, for a total of 130 million and 65 million dollars, respectively.

The origin of this Bitcoin fund can be traced back to the BKA’s seizure of the operators of Movie2k.to, a defunct movie piracy website that was active in 2013. The seized amount, nearly 50,000 BTC, was worth more of 2 billion dollars. at the time of confiscation. The BKA received these funds in mid-January following a “voluntary transfer” of a suspect involved in the case.

Bitcoin retreats again

Recent market fluctuations appeared to be influenced by the German government’s Bitcoin transfers, as well as other factors that briefly caused the price of the underlying asset to fall, dragging it below $60,000 earlier this week. week Bitcoin’s latest divestment action has once again added pressure to the market.

The major digital asset had soared to $62,400 after the market-wide decline, but the general pressure led to another decline. As of now, BTC is struggling to stay above $61,000.

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