The German government’s recent Bitcoin transfers, amounting to over $172 million, could significantly impact the market as it moves 3,000 BTC to various crypto exchanges and an unknown wallet.
A wallet linked to the German government transferred more than 3,000 Bitcoin, worth over $172 million, to three crypto exchanges and another wallet. On July 4, blockchain investigator PeckShield reported a major transfer of 1,300 Bitcoin (approximately $75 million) from a wallet labeled “German Government (BKA)” to Coinbase, Kraken, and Bitstamp.
Further investigation revealed that the German government wallet also transferred another 1,700 BTC to a separate address. PeckShield confirmed:
“Total 3K out (from German gov’t labeled wallet), including 1.3K -> CEXs and 1.7K -> (to a wallet address) 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
While the initial 1,300 BTC were moved to centralized exchanges, the remaining 1,700 BTC were transferred to a separate wallet, according to on-chain data from Arkham Intelligence.
Impact on Bitcoin Market
The German government has transferred more than 3,000 BTC to multiple exchanges over the past two weeks. These significant movements, along with similar actions by the US government and the approaching Mt. Gox repayments, could introduce increased selling pressure on Bitcoin.
Summary Review: These transfers by the German government, along with other large movements in the crypto market, might affect Bitcoin’s price and market stability in the near future.
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