Germany Transfers Almost $1 Billion in Bitcoin in 24 Hours – Destination Revealed

The German government has caused a stir in the world of Bitcoin trading by moving a significant amount of BTC in a single day. According to the blockchain tracking platform Arkham, more than 16,000 BTC valued at over $915 million was transferred by the German government within a 24-hour period.

Initially, Arkham observed the German government transferring hundreds of millions of dollars in BTC to various addresses, primarily linked to crypto exchanges and market makers. The transactions included sending 2,738.7 BTC (equivalent to $155.3 million) to platforms such as Kraken, Cumberland, 139Po, and the address bc1qu, which is likely a deposit for institutional or over-the-counter services.

In a subsequent update, Arkham reported that the German government moved 8,100 BTC worth $463.2 million to wallets associated with crypto exchanges Kraken, Bitstamp, and Coinbase, as well as the market maker Flow Traders. Another update from Arkham revealed a transfer of 5,200 BTC valued at $297.3 million to Kraken, Bitstamp, Coinbase, and 139Po, marking it as the government’s most significant day of BTC movement, totaling over 16,000 BTC.

Currently, the German government holds approximately 28,988 BTC, which is valued at around $1.66 billion, as per Arkham’s data. This recent activity follows the government’s earlier movements of Bitcoin to exchanges, which were first noticed last month. The BTC in question was seized by German authorities in connection with an investigation into Movie2k.to, an illegal streaming platform that distributed over 880,000 pirated films between 2008 and 2013, resulting in the confiscation of nearly 50,000 BTC.

While some in the blockchain industry have expressed concerns about the German government’s crypto sales, digital asset analyst PlanB reassured his followers on the social media platform X that he does not see any structural weaknesses in the Bitcoin markets due to this selling pressure. PlanB highlighted the ongoing dynamics in the market, including the German government’s BTC sales and Mt.Gox’s distribution of 142,000 BTC to investors.

At the time of reporting, Bitcoin’s trading price stood at $56,426, reflecting an increase of over 3% in the past day. The market continues to monitor the movements and activities of various entities, including governments and institutions, as Bitcoin and other cryptocurrencies maintain their positions in the financial landscape.