The German government is keeping Bitcoin traders on edge by moving thousands of BTC in just one day.
Blockchain "de-anonymization" platform Arkham reports that the German government transferred more than 16,000 BTC, worth more than $915 million, in 24 hours.
Arkham initially noticed that the German government was moving hundreds of millions of dollars in BTC to various addresses, mostly owned by cryptocurrency exchanges and market makers.
“Today the German government sent 2,738.7 BTC ($155.3 million) to likely exchanges/market makers including Kraken, Cumberland, 139Po (likely institutional/OTC deposit), and address bc1qu.”
Arkham's update states that the German government subsequently transferred 8,100 BTC, worth $463.2 million, to wallets owned by cryptocurrency exchanges Kraken, Bitstamp and Coinbase, as well as market maker Flow Traders.
In another update, Arkham reports that the German government transferred 5,200 BTC worth $297.3 million to Kraken, Bitstamp, Coinbase, and 139Po.
“This makes this their biggest day to date with a total of over 16,000 BTC.”
According to Arkham, the government currently holds 28,988 BTC, worth about $1.66 billion.
The German government was first spotted moving Bitcoin to exchanges last month. German authorities seized BTC as part of an investigation into Movie2k.to, a now-defunct illegal streaming site that was accused of distributing more than 880,000 pirated movies between 2008 and 2013.
German police have seized approximately 50,000 BTC related to this case.
Some in the blockchain sector are watching cryptocurrency sales in Germany with concern. But pseudonymous digital asset analyst PlanB tells his 1.9 million followers on social media platform X that he is not worried about sales pressure from the German government.
“Yes, yes, the German government is selling 50,000 BTC... and Mt.Gox is returning 142,000 BTC to investors (some may sell)... However, I do not see anything in the data that indicates structural weakness in the Bitcoin markets.”
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