The post German Government Moves $300M in Bitcoin to Exchanges, More Sell-Off Ahead? appeared first on Coinpedia Fintech News
The wallet associated with the German Federal Criminal Police Office (BKA) moved 5,103.5 BTC worth nearly $300 million to multiple crypto exchanges. Amidst this transfer of bitcoin, the price hold holds steady at around $58,500, reflecting a surge of 2% seen in the last 24 hours.
Meanwhile, these transactions to multiple exchanges have raised fears in the crypto space, indicating that more sell-offs may be coming soon.
Massive Bitcoin Transfer
As per Arkham Investment, the German Government transferred 5,103.5 BTC to various prominent exchanges and institutional deposit services. The recipients of these transactions included Kraken, Cumberland, Flow Traders, Coinbase, and an address identified as bc1qu, which is likely linked to an institutional deposit or over-the-counter (OTC) service.
Interestingly, following these large-scale transfers, the German Government received 1,118 BTC, worth approximately $64.71 million, back from several exchanges. These included major platforms like Kraken, Bitstamp, and Coinbase.
This movement suggests that while the government is selling significant amounts of Bitcoin, it is also receiving substantial amounts back from the market.
Current Holdings
As of now, the German Government holds a substantial amount of Bitcoin, totaling 18,860 BTC, which is valued at around $1.11 billion. This figure underscores the significant stake the government continues to maintain in the cryptocurrency market despite the recent sell-off.
The sudden and large-scale movement of Bitcoin by the German Government has triggered various reactions within the cryptocurrency market.
