German Government Body Transfers $24 Million in Bitcoin to Kraken and Coinbase

The German Federal Criminal Police Office (BKA) has recently conducted significant transactions involving Bitcoin, moving a total of $24 million across two transactions to the crypto exchanges Kraken and Coinbase. Additionally, another $30 million worth of Bitcoin was transferred to a new wallet, with previous transactions amounting to $195 million in Bitcoin sent to exchanges on June 19 and 20.

A wallet associated with the German Federal Criminal Police Office (BKA) executed the transfer of $24 million in Bitcoin (BTC) to crypto exchanges Kraken and Coinbase during the European morning hours, as per data from Arkham. This move was followed by another transfer of $30 million worth of BTC to a new wallet that has not been identified as an exchange as of Tuesday. These transactions supplement the $130 million in Bitcoin sent to exchanges on June 19 and the $65 million sent on June 20, as previously documented.

Miguel More, the CEO of Arkham, communicated to CoinDesk via Telegram last week that transferring assets to exchanges could imply an intention to sell those assets. Despite the substantial sum involved, a $24 million Bitcoin sale is considered relatively small in the context of the broader market activity. Data from CoinGecko indicates that over $40 billion worth of Bitcoin was traded within the past 24 hours, with Binance alone offering ready liquidity for trades of up to $20 million in Bitcoin, suggesting that this particular transaction is unlikely to have an immediate impact on market prices.

In a separate incident, the German Federal Criminal Police Office (BKA) confiscated nearly 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a movie piracy website that was operational in 2013. The Bitcoin was acquired by the BKA in mid-January following a voluntary transfer by the suspects involved in the case.