German authorities continue to sell Bitcoin (BTC). According to data from the Arkham Intelligence blockchain analysis platform, cryptocurrency wallets controlled by the German Federal Criminal Police (BKA) transferred approximately $344 million worth of Bitcoin to exchanges and brokerage firms this morning.
This is a final sign that BKA's Bitcoin sales are gaining momentum. Previous transactions included BTC transfers of $900 million earlier this week and $362 million on Tuesday. According to estimates from Arkham Intelligence, German law enforcement agencies currently have just over $1 billion worth of Bitcoin in their wallets. In transfers that took place on Wednesday morning, $73 million worth of Bitcoin was sent to central cryptocurrency exchanges; Of this amount, $44 million was transferred to Kraken and $29 million was transferred to Coinbase. Approximately 98 million dollars worth of Bitcoin went to crypto trading firms; Of these, $66 million was sent to Amsterdam-based Flow Traders in two separate transactions, and $31.5 million was sent to Chicago-based Cumberland DRW.
Additionally, a total of $132 million worth of Bitcoin was transferred to an unidentified wallet in two transactions. Arkham stated that this wallet is likely a brokerage or escrow institution. Finally, $40.5 million worth of Bitcoin was transferred in two separate transactions to another unidentified address, "bc1qu". According to Blockchair data, this wallet started to be used in May, and the German government received a test transfer of $ 675,000 from its wallets on June 19. This test transfer took place just before the start of sales.
Arkham Intelligence's platform brings together five different wallets monitored by the German Federal Criminal Office (BKA), he said. In an operation carried out on a pirate website in January, BKA seized $2.1 billion worth of Bitcoin. In the statement of the agency, “Bitcoins were seized as a result of the suspect voluntarily transferring them to government wallets provided by BKA. “This means that no final decision has yet been made regarding the disposal of Bitcoins.”
Although no official statement has been made, BKA started to transfer the funds it seized to the stock exchanges on June 19 and has been selling its Bitcoins steadily for the last three weeks. Despite some criticism from German politicians, Tron founder Justin Sun, one of the controversial figures in the cryptocurrency world, offered to buy the rest of the Bitcoins held by BKA. However, analysts emphasize that the Bitcoin market was not as affected by Germany's BTC sales as initially feared. “The worst of Germany's selloff appears to be behind us,” said Ryan McMillin, chief investment officer at Merkle Tree Capital.
At the time of writing, Bitcoin price is currently trading around $58,500, having surpassed the $59,000 level the previous day. This shows that it has gained 1.6% since yesterday but is down 3.3% from last week. Although the reason for the German authorities' Bitcoin sales is not yet clear, it is noteworthy that the market remained relatively calm despite these sales. Some analysts note that this may indicate that the BTC market may now have matured and become less susceptible to major sell-offs. However, it remains unclear how the market will react to these sales in the coming weeks.
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