According to Golden Finance, the German government transferred 16,309 bitcoins it held to cryptocurrency exchanges and market makers on Monday (July 8). Blockchain data showed that due to this transfer, more than $900 million worth of bitcoin assets flowed out of the German government’s wallet, causing Bitcoin (BTC) to fall in European markets on Monday afternoon.
According to blockchain data platform Arkham Intelligence, the bitcoins were transferred in batches to external addresses, including cryptocurrency exchanges Bitstamp, Kraken and Coinbase, and market maker Flow Traders. Arkham Intelligence data also shows that wallets associated with the German government still hold about 23,788 bitcoins, which means they have sold more than half of the seized assets.
