As a crypto investor with some experience in the market, I find these recent developments surrounding the German Federal Criminal Police Office (BKA) transferring Bitcoin intriguing. The reported movement of over $48 million worth of BTC to various exchanges and wallets raises concerns about selling pressure in the market.
Approximately 900 Bitcoin were moved from the German Federal Criminal Police Office (BKA)’s holdings to Kraken, Coinbase, and an unmarked digital wallet.
During the European morning hours, a Bitcoin wallet linked to the German Federal Criminal Police Office (BKA) executed two transactions, sending a combined total of $24 million in bitcoin (equivalent to 400 BTC) to Kraken and Coinbase cryptocurrency exchanges. According to Arkham Intelligence’s reports.
An additional 500 BTC ($30.4 million) was moved to an untagged address labeled “139Po.”
As a crypto investor, I’ve recently made some additional transactions involving $130 million in Bitcoin transferred to exchanges on the 19th of June, followed by another $65 million worth of Bitcoin sent on the 20th of the same month.
Recently, within the past 2 hours, the German Government transferred 400 Bitcoins each to Kraken and Coinbase exchange deposits. Additionally, they sent 500 Bitcoins to the wallet address 139Po, but the subsequent destination of these funds remains unknown.
— Arkham (@ArkhamIntel) June 25, 2024
Selling pressure
Officials confiscated approximately $2 billion worth of Bitcoins from the administrators of the movie piracy site Movie2k.to. This Bitcoin had been amassed from around 50,000 coins and was transferred to the authorities in mid-January under supposedly voluntary circumstances.
As a crypto investor, I’ve noticed some buzz around a recent Bitcoin transfer from a German wallet. Some analysts speculate that the owner might be considering selling their Bitcoins. On the other hand, others believe this could be part of a strategy to spread their assets across multiple exchanges for diversification purposes.
I’ve analyzed the latest transaction data and discovered that the German government has recently transferred Bitcoin worth approximately $26.5 million across various platforms. Specifically, they moved 400 Bitcoins each to Coinbase and Kraken, and an additional 500 Bitcoins to an unidentified wallet.
— Crypto Rover (@rovercrc) June 25, 2024
With a Bitcoin stash valued around $2.8 billion at present market rates, Germany holds the fourth-largest known bitcoin hoard among nations, trailing only behind the United States, China, and the UK.
Last week, the BKA initiated substantial financial transfers, with $130 million moving to exchanges on the 19th of June and an additional $65 million being transferred on the 20th.
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2024-06-25 17:28