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The German government transferred over 3,000 Bitcoin, valued at $172 million, to various crypto exchanges and an unknown wallet on July 4, potentially impacting market dynamics, according to blockchain investigator PeckShieldAlert.
German Government Transfers 3,000 BTC to Crypto Exchanges and Unknown Wallets, Impacting Market
According to Cointelegraph, A crypto wallet associated with the German government transmitted over 3,000 Bitcoin, equivalent to over $172 million, in installments to three crypto exchanges and a wallet.
Blockchain investigator PeckShieldAlert identified a substantial outbound transfer of 1,300 Bitcoin (BTC) from a cryptocurrency wallet designated "German Government (BKA)" on July 4. The $75 million in Bitcoin transfers were distributed among three prominent crypto exchanges: Kraken, Bitstamp, and Coinbase.
Additional research conducted by Cointelegraph indicated that the German government wallet concurrently transferred an additional 1,700 BTC to a distinct wallet address. The PeckShield team verified with Cointelegraph that the wallet had been assigned 3,000 BTC.
“Total 3K out (from German gov’t labeled wallet), including 1.3K -> CEXs and 1.7K -> (to a wallet address) 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
According to data from the on-chain analytics platform Arkham Intelligence, the remaining 1,700 BTC were transferred to a distinct crypto wallet. In comparison, the initial 1,300 BTC were transferred to centralized crypto exchanges.
German Government's Continued Bitcoin Transfers Add Selling Pressure Amid Global Crypto Liquidations
The German government has also transmitted over 3,000 BTC to multiple exchanges in the past two weeks.
The approaching repayments of Mt. Gox, in conjunction with the ongoing whale transfers from the German and United States governments, threaten to introduce additional selling pressure on Bitcoin.
Over the past few months, the German government-labeled wallet has transmitted a significant portion of its holdings, which total 50,000 BTC, since February 2024.
Governments worldwide, including Germany, have confiscated Bitcoin and other digital assets associated with illicit activities. They occasionally conduct auctions to liquidate their confiscated crypto holdings.
The United States government has sold a substantial portion of the Bitcoin associated with the notorious dark web marketplace Silk Road. In 2014, Tim Draper, an American industrialist and Bitcoin advocate, acquired 29,656 BTC from the Silk Road haul at an auction conducted by U.S. marshals.
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