US and Germany Transfer Over $100 Million in Bitcoin as Market Prepares for Potential Consequences
The German government and the United States have both engaged in significant movements of cryptocurrency assets in recent days, with Germany transferring a substantial amount of Bitcoin and the U.S. moving Ethereum. The German government moved approximately $94.94 million worth of Bitcoin to various destinations, including major crypto exchanges. A total of 1,500 BTC was transferred, with portions sent to Bitstamp, Coinbase, Kraken, and two unknown wallets.
These transactions follow a series of recent crypto-related moves by the German government, which holds around $2.8 billion worth of seized BTC. Last month, Germany began liquidating some of its Bitcoin holdings, selling over $195 million worth in less than 24 hours, leading to a temporary price dip in BTC.
In contrast, the U.S. government recently moved 3,375 ETH, valued at $11.75 million, to an unknown address. This transfer follows a previous move of 3,940 BTC worth around $248 million to a Coinbase Prime account. These funds were seized from an Indian drug kingpin who forfeited his crypto holdings as part of a plea deal.
The U.S. government currently holds over $13.8 billion worth of crypto assets, with the majority in Bitcoin. These recent movements highlight the ongoing involvement of governments in the cryptocurrency space and their significant holdings in digital assets.
The transactions by both countries did not involve any token sales, and the prices of Bitcoin and Ethereum remained relatively stable following the movements. These actions underscore the increasing role of governments in the crypto market and their management of seized digital assets.
