Author: Josh O'Sullivan, CoinTelegraph; Translated by: Wuzhu, Golden Finance
The German and U.S. governments have attracted widespread attention after transferring millions of dollars in cryptocurrency assets.
On July 1, the German government transferred 1,500 BTC worth approximately $95 million to multiple cryptocurrency exchanges, while the U.S. government transferred 3,375 ETH worth $11.75 million to an unknown address.
German Government BTC Transfers
According to on-chain analytics platform Arkham Intelligence, the German government has transferred 2,700 BTC to multiple exchanges in the past two weeks.
These exchanges include Bitstamp, Coinbase, and Kraken. The German government currently holds 44,692 BTC, worth approximately $2.82 billion.
In the most recent transfer, 400 BTC out of the 1,500 BTC transferred were sent to the aforementioned major cryptocurrency exchanges, while 750 BTC was transferred on June 26, of which 250 BTC was sent to Bitstamp and Kraken.
German government cryptocurrency movement data for the past four days provided by Arkham Intelligence. Source: Arkham Intelligence
US Government ETH Transfers
According to Arkham intelligence data, the U.S. government conducted large transactions, specifically addresses of funds seized from Estonian cryptocurrency entrepreneurs Potapenko and Turogin.
Previously, the U.S. government transferred 11.84 BTC worth approximately $743,000 from another seized funds address on June 30, and has since moved all of its $11.75 million ETH assets to a previously unlinked address.
Data on the US government's cryptocurrency movements over the past two years provided by Arkham Intelligence. Source: Arkham Intelligence
Analysis and Impact
The recent frequent fund transfers between the two governments suggest that they manage their holdings strategically, and Germany may be seeking to liquidate its holdings on major exchanges.
The U.S. government’s transfer of funds to an unknown wallet could indicate a shift in the rules governing ETH funds.
The European Union’s recently adopted Markets in Crypto-Assets regulation (MiCA) could affect cryptocurrency transfers in Germany.
MiCA will have an impact on stablecoins and crypto asset services and is expected to significantly shake up the crypto market.
