Bitcoin price shrugs Germany’s $362m exchange deposit

As a seasoned financial analyst with extensive experience in the cryptocurrency market, I have closely monitored the recent developments surrounding Germany’s Bitcoin holdings. The news of the German government selling off over 50,000 Bitcoins seized from an illegal film site earlier this year was met with anticipation, as history has shown that such large-scale sell-offs can often cause market instability.

The price of Bitcoin on the market remained steady despite Germany’s government selling off around 27,000 Bitcoins from their original stash of over 50,000 coins.

As an analyst at Arkham Intelligence, I’ve uncovered some intriguing on-chain transactions. Yesterday, the German government transferred a substantial amount of Bitcoin, totaling 6,306.9 BTC, valued around $362 million, to various entities. Among them, Kraken received 800 BTC worth approximately $45.9 million. The market makers B2C2 Group and Cumberland DRW were each sent significant amounts: $287.1 million and $6.2 million in Bitcoin, respectively.

As a seasoned crypto investor, I’ve noticed an intriguing transaction in my portfolio. Specifically, the fourth unmarked wallet address received approximately 400 Bitcoins or around $24 million worth of cryptocurrency. Given its lack of label, I suspect this could be an Over-the-Counter (OTC) desk.

As a market analyst, I’ve observed that despite the selling pressure, Bitcoin managed to keep its value above $57,000 as of the current reporting.

Germany’s Bitcoin trove down by over half

Last week, German authorities transferred approximately 50,000 Bitcoins, worth around $866 million, that they had seized from the illegal film site Movie2k in January. The largest portions of these Bitcoins were moved on Monday, specifically to identified addresses associated with exchanges and institutional trading partners.

The reverse has also happened, as platforms like Bitstamp, Coinbase, and Kraken have returned millions in BTC to German state-controlled wallets. So far, the exchanges have sent over $300 million in BTC back to Germany. The leading theory behind the return suggests platforms could not liquidate the crypto within agreed price ranges. 

After the recent Bitcoin transaction on Tuesday, Arkham revealed that approximately $1.3 billion worth of Bitcoins, equivalent to around 22,847 coins, are currently held by Germany.

As a crypto investor, I’d rephrase that as: “The German Government is transferring approximately 6307 Bitcoin (worth around $362.12 million) to various cryptocurrency exchanges and institutions today. Specifically, they have sent 3206.9 BTC ($184.58M) to Kraken, Cumberland, and an address starting with ‘bc1qu’, while the remaining 3100.9 BTC ($177.54M) is being directed elsewhere.”— Arkham (@ArkhamIntel) July 9, 2024

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2024-07-09 17:56