The government moved 6,306.9 bitcoins (BTC) worth more than $362 million on Tuesday. This was significant because it shows that Germany is still involved with the cryptocurrency market. Arkham Intelligence, a company that provides on-chain insights, says that these moves were sent to a number of different entities, such as the well-known exchange Kraken and market makers B2C2 Group and Cumberland DRW.
The amount Kraken got was 800 BTC, which is about $45.9 million at the moment. At the same time, $287.1 million in Bitcoin was given to B2C2 Group and $6.2 million to Cumberland DRW. More than 400 BTC, which is about $24 million, was sent to an address that was marked “unlabeled.” This address is thought to be connected with an over-the-counter (OTC) dealing desk.
Germany’s $362 Million Bitcoin Transfer: Impact and Market Resilience
The market price of Bitcoin has often gone down after large-scale sales of the cryptocurrency by government agencies. But in this case, BTC held strong, and as of the most recent news, it was still trading above $57,000.
This set of transactions shows that Germany is still taking care of the Bitcoin that it took earlier this year from Movie2k, an illegal website for watching movies. Since last week, the government has been slowly sending parts of the seized bitcoin to exchanges and trading sites. Monday had the most significant transfers ever, with 16,000 bitcoins, or $866 million, sent to known exchange addresses and institutional partners.
However, platforms like Bitstamp, Coinbase, and Kraken have also sent large amounts of Bitcoin back to German government-controlled wallets. These returns, which add up to more than $300 million, are thought to have happened because the platforms failed to sell the crypto assets within the agreed-upon price ranges.
Arkham Intelligence thinks that Germany still has about 22,847 BTC, which are worth more than $1.3 billion, after Tuesday’s move. This ongoing management of seized assets shows how involved Germany is in the global cryptocurrency market and how it plans to deal with such large stocks.
