The German government is keeping Bitcoin traders on the edge of their seats, moving thousands of BTC in just one day.
The blockchain platform for ‘de-anonymization’ Arkham reports that the German government moved more than 16,000 BTC worth over $915 million in a 24-hour period.
Initially Arkham spotted the German government has transferred hundreds of millions of dollars worth of BTC to various addresses mainly 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 a deposit for institutional/over-the-counter service) and address bc1qu.”
In an update, Arkham said the German government subsequently moved 8,100 BTC worth $463.2 million to wallets of 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 yet – over 16,000 BTC in total.”
According to Arkham, the government currently owns 28,988 BTC worth approximately $1.66 billion.
Last month it was first noticed that the German government was moving Bitcoin to exchanges. German authorities seized the BTC as part of an investigation into Movie2k.to, a now-defunct illegal streaming site accused of distributing more than 880,000 pirated movies between 2008 and 2013.
German police have seized nearly 50,000 BTC in connection with the case.
Some in the blockchain sector have watched German crypto sales with concern. But the pseudonymous digital asset analyst PlanB tells With his 1.9 million followers on the social media platform X, he is not worried about the sales pressure from the German government.
“Yes yes, the German government is selling 50,000 BTC… and Mt.Gox is returning 142,000 BTC to investors (some may be selling)… However, I see nothing in the data that indicates structural weakness in the Bitcoin markets.”
At the time of writing, Bitcoin is trading at $56,426, up over 3% in the past day.
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Generated image: Midjourney