Germany’s central criminal investigation agency, BKA, has reportedly deposited a staggering amount of 400 Bitcoins (BTC) to two centralized cryptocurrency exchanges, Coinbase and Kraken. This move comes amid a significant downtrend that sent the price of Bitcoin crashing below the $6o,000 mark.
The substantial transfer has sparked discussions among the crypto community, with members speculating about the possible intentions behind the movement. Additionally, it coincides with an uptick in Bitcoin whale activities over the last month. Interests have been drawn to this particularly because the transfer was initiated by a government agency.
German Government Transfers 400 BTC to CEXs
According to a recent report by Arkham Intelligence, a blockchain platform that reveals the identity behind large transactions, the transfer was split into two halves. 200 BTC coins were sent each to both California-based crypto exchanges Coinbase and Kraken. At the time, the total value of the transactions was $24.34 million.
Interestingly, the move comes shortly after a substantial transfer of 1,700 BTC (worth $110 million) initiated by the same government agency to the two aforementioned exchanges and the Luxembourg-based crypto exchange, Bitstamp. Per Arkham Intelligence data, the total value of the German Government’s Bitcoin holding now stands at 46,359 BTC, worth $2.82 billion which includes $1.1 billion in unrealized profit.
Source: Arkham Intelligence
This major dump has been viewed as one of the factors driving the price of Bitcoin into the bearish zone. Other factors include the large outflows from spot Bitcoin ETFs, the Mt. Gox reimbursement announcement, and other macroeconomic factors. Notably, a few hours later after the CEXs dump, the agency transferred another 500 BTC (worth $30.42 million) to an unknown wallet labeled “139Po…7ybVu.”
Bitcoin (BTC) Price Movement
Over the last 24 hours, the price of Bitcoin has been trading in the red zone. According to data from CoinMarketCap, the price of Bitcoin is $61,220, signifying a 0.47% decline. The trading volume in the last 24 hours has jumped by 62.65% to $38.6 billion, making it the second-largest traded asset in the last day behind USDT.
Source: CoinMarketCap
Additionally, the Bitcoin price has ranged between $59,086.11 and $61,649.43 in the last 24 hours, representing a 17% decline from its all-time high of $73,737 reached in March this year. According to Farside data, about $174.5 million in outflows from Bitcoin ETFs has been recorded in the past 24 hours, maintaining a market dominance of 53.44%.
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