German government continues to sell off BTC

For a week, the crypto community has been lingering over the possibility of another crypto winter. Three hours ago, the German government (BKA) crypto wallet transferred 6,000 BTC. According to on-chain data from the analytics platform Arkham, Flow Traders has received more than 1,127 Bitcoins sent by German authorities.

After that, the wallet associated with Germany transferred 500 Bitcoins to the Coinbase cryptocurrency exchange Coinbase, while another 750 Bitcoins were sent to the rival exchange Kraken. Meanwhile, Arkham data shows that Cumberland DRW received more than 536 Bitcoins from the German government. Finally, a so-called institutional deposit or OTC address received about 2,250 Bitcoins.

In addition, the address also withdrew 1,700 BTC worth $91.78 million from Bitstamp, recovering its BTC holdings. The government said it could not sell them on cryptocurrency exchanges.

In total, the German government transferred more than 5,853 Bitcoins, valued at approximately $342,694,905. According to Arkham, the government holds more than $1.06 billion in confiscated Bitcoins.