German Government Made a 425 Million Dollar Transfer of #Bitcoin : Will It Sell?

A large amount of Bitcoin was transferred from cryptocurrency wallets thought to belong to the German government.

According to data from Arkham, in a significant move today, a German government agency transferred $425 million worth of Bitcoin (BTC) to another wallet address.

The transaction involved sending some of the Bitcoin to crypto exchange deposit wallets and returning some to the original wallet.

The wallet address, which Arkham had previously identified as belonging to the German Federal Criminal Police Office (BKA), moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself. Transaction data reveals that some $32 million worth of Bitcoin was deposited on crypto exchange Kraken and a similar amount on Bitstamp.

Arkham CEO Miguel More reported via Telegram that the organization has moved $130 million worth of BTC into “service wallets,” which typically indicates “intent to sell in the near future.”

BKA seized approximately 50,000 BTC, worth over $2 billion at the time, from the operators of Movie2k.to, a pirated movie site active in 2013. According to Arkham, BKA received Bitcoin in mid-January following a “voluntary transfer” from the suspects.

📈📉 #Bitcoin $BTC