German individual receives modest CoinJoin transactions during ‘minimal’ $326 million Bitcoin transactions
The German government’s Bitcoin wallet recently received a small amount of Sats from a CoinJoin address amid its significant selling activity. According to on-chain data from the crypto analytical platform Arkham Intelligence, the German government wallets received less than $10 in three transactions from CoinJoin addresses today.
CoinJoin transactions involve combining multiple Bitcoin trades to obscure the flow of funds and enhance user privacy on-chain. These transactions have come under increased scrutiny following the US government’s heightened pressure on privacy protocols. Authorities have raised concerns about malicious actors, such as the North Korea-backed Lazarus Group, using these tools for money laundering and other illicit activities.
As a result, several Bitcoin wallet providers, including Wasabi Wallet, have discontinued the feature on their platforms. Meanwhile, the German government has continued its trend of selling the flagship digital asset. Recent on-chain data reported by Arkham indicates that the government sent 6306.9 BTC, estimated to be worth $362.12 million, to Kraken, Cumberland, and two unlabeled addresses likely belonging to an institutional deposit or over-the-counter service provider.
This recent selling activity has reduced the government’s Bitcoin holdings to 22,847 BTC, valued at $1.32 billion. Last month, Germany initiated a large-scale BTC sell-off, starting with 50,000 BTC seized from a piracy website in January.
The German government’s on-chain transactions have elicited varied reactions within the crypto community. Blockchain analytical firm SpotOnChain questioned the German authority’s decision to sell directly via centralized exchanges and the subsequent withdrawal of some BTC after transferring to these platforms.
Despite these sales, experts suggest that the Bitcoin market has remained largely unaffected. Ki Young Ju, CEO of CryptoQuant, noted that government BTC selling is negligible compared to overall liquidity and that most Mt. Gox BTC holdings have not moved to creditors.
According to CryptoSlate’s data, BTC’s price has been on a downward trend, experiencing about a 10% decrease in the last seven days, currently standing at $57,270.