Yesterday, the online data analysis platform Arkham identified the address of the German government and began transferring Bitcoin. Within a short period of time, 1110 Bitcoin were transferred to several exchanges, including Kraken and Bitstamp, causing concerns in the market about the government’s possible continuous sale of Bitcoin.
Index:
– German government transferred 1110 BTC to exchanges yesterday
– Is recent Bitcoin selling pressure the cause?
– German government confiscated 50,000 Bitcoin from a pirated movie platform
According to Arkham’s findings, the wallet address marked as the German government’s (BKA) began transferring Bitcoin recently, which raised concerns in the community about potential selling pressure on Bitcoin. Arkham data shows that the German government’s related wallets conducted multiple asset transfers on June 19. Notably, they transferred 500 BTC to cryptocurrency exchanges Kraken and Bitstamp, as well as 40 BTC, 40 BTC, and 30 BTC to Gemini, BitFlyer, and Coinbase, respectively. In total, 1110 Bitcoin were transferred to exchanges, with a value of approximately $72.4 million, which is likely for the purpose of selling.
Currently, the German government still holds 47,859 Bitcoin, valued at approximately $3.12 billion. It is uncertain whether they will continue to sell in the short term, as government processes usually do not prioritize market impact. It is worth noting whether there will be continued transfers of Bitcoin to exchanges.
The German government’s actions have sparked market discussions. @DaanCrypto, a crypto trader with over 370,000 followers, claims that the recent increase in short positions and the decline in the Bitcoin market may be attributed to the German government’s sale.
Governments around the world frequently confiscate Bitcoin and other digital assets from criminals, with the United States being the largest Bitcoin holder. It currently holds 217,000 Bitcoin (worth approximately $14.14 billion), making it the sixth-largest Bitcoin holder.
Considering the significant amount of Bitcoin held by governments worldwide, how they handle these Bitcoin assets has always been a topic of market concern. For example, last year in February, the US government sold 9,861 BTC previously owned by Silk Road on Coinbase.
As for where the German government’s Bitcoin came from, according to Arkham’s post in February this year, the wallet originated from the Federal Criminal Police Office (BKA) of Germany, responsible for combating major criminal activities and protecting social order and public safety. The BKA confiscated nearly 50,000 Bitcoin (valued at $2.12 billion at the time) from the operator of the movie piracy website Movie2k in 2013, and the Bitcoin was received by the BKA in mid-January.
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