Last night, the German Government received back 1,915 BTC, valued at $111.5 million, from addresses linked to major cryptocurrency exchanges Kraken, Bitstamp, and Coinbase. German government’s Bitcoin moves have been making waves in the crypto market since the beginning of this month.
Update: German Government BTC MovementsGerman Government wallets received 1915 BTC ($111.5M) last night back from addresses linked to Kraken, Bitstamp and Coinbase.1047.4 BTC ($57.2M) has been moved out of their wallets this morning:-547.4 BTC ($30.1M) to Flow Traders-500… pic.twitter.com/e6ARrAh4Td
— Arkham (@ArkhamIntel) July 5, 2024
Germany Transfers 1,047.4 BTC, Allocates 547.4 BTC to Flow Traders
This morning, they moved 1,047.4 BTC out of their wallets. The worth of these BTC is $57.2 million. Of this, 547.4 BTC, valued at $30.1 million, went to Flow Traders. Another 500 BTC, worth $27.1 million, was likely deposited for institutional or OTC services at 139Po, according to a tweet by Arkham.
On July 2nd, German Government transferred 832.7 Bitcoins. The of value of these BTC is approximately $52 million. Out of these, 282.7 Bitcoins were sent to major exchanges such as Bitstamp, Coinbase, and Kraken.
On July 4th, the German Government made another significant move in the cryptocurrency market by transferring 3,000 Bitcoins. These Bitcoins were valued at approximately $174 million.
After these massive transfers, Justin Sun, the founder of Tron, through X, showed his intentions to negotiate with the German Government. Sun mentioned that his goal is to minimize the impact on the market. In this regard, he suggested that an off-market transaction could prevent significant price fluctuations.
Germany Optimizes Bitcoin Use with Recent Moves
This is fresh evidence of manipulation of cryptocurrency assets among the German Government in the recent past. Currently, the government’s transactions indicate that they understand the issue with digital assets, including transactions involving a huge value in Bitcoins.
Lastly, the recent actions of the German Government regarding Bitcoin transactions demonstrate that they are actively involved and optimizing the use of digital assets. Receiving 1,915 BTC and further transferring 1,047.4 BTC with portions going directly to Flow Traders and possibly institutional services at 139Po. It shows that such large amounts in the cryptocurrency market require a well-coordinated strategy. These actions demonstrate the government’s interactions with large exchanges and institutional counterparts, stressing its ability to manage the intricacies surrounding digital assets.