German Government Entity Moves $24M in Bitcoin to Kraken and Coinbase

Tuesday's moves come days after the entity moved $425 million between wallets, with some bitcoin transferred to exchanges.

A wallet connected to Germany's Federal Criminal Police Office (BKA) moved $24 million in bitcoins (BTC) today through two transactions to cryptocurrency exchanges Kraken and Coinbase in the European morning hours, data from Arkham.

Another $30 million in BTC was moved to a new wallet, which has not been labeled as an exchange as of Tuesday. These transfers are in addition to the $130 million in BTC sent to exchanges on June 19 and the $65 million in BTC sent on June 20, as previously reported.

Arkham CEO Miguel More told CoinDesk via Telegram last week that moving to exchanges may indicate an intention to sell the assets.

A $24 million bitcoin sale is a relatively small amount. More than $40 billion in BTC exchanged hands in the last 24 hours.

There is liquidity available for up to $20 million in a BTC trade on Binance alone, meaning the amount is unlikely to move prices immediately.

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