German Government Moves Another 1,125 BTC to Coinbase, Kraken, and Bitstamp
The German government transferred over 1,000 Bitcoins via cryptocurrency exchanges including Coinbase and Kraken on July 11, amidst a downturn in the Bitcoin market. This transfer is the latest in a series that has prompted scrutiny of the government’s Bitcoin strategy.
According to the blockchain intelligence platform Arkham, the German government moved 375 BTC ($21.8 million) each to Bitstamp, Kraken, and Coinbase, totaling 1,125 BTC ($65.3 million) at around 7:50 a.m. UTC.
UPDATE: German Government selling up to 2375 BTC ($137.87M)
In the past hour, the German Government has sent 2375 BTC ($137.87M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Since yesterday’s movements, the German Government… pic.twitter.com/2T57FPbAer
— Arkham (@ArkhamIntel) July 11, 2024
Additionally, the government transferred 1,000 BTC ($58.1 million) to a B2C2 Group wallet, a known market maker and OTC service provider.
A final transfer of 250 BTC ($14.5 million) went to a suspected OTC service institutional deposit address.
Continuing this flurry of activity, the German government later moved nearly 152 BTC ($8.9 million) to crypto market maker Cumberland DRW.
In total, these July 11 German BTC transactions represent 2,527 BTC, valued at $146.8 million.
This latest series of German BTC transfers follows an unexpected inflow of 2,442 BTC into the government’s wallet on July 10.
This influx included 903 BTC ($52.3 million) from Kraken, 1,529 BTC ($88.6 million) from unknown addresses, and 10 BTC ($575,000) from Bitstamp, potentially representing unsold assets from a prior agreement.
These Bitcoin holdings originated from the confiscation of 50,000 BTC from the film piracy website Movie2K in early
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