German Government Moves 400 Bitcoin to Coinbase and Kraken
At the time of writing, the German agency wallet now holds 46,395 BTC, worth $2.83 billion.
A blockchain wallet associated with Germany’s federal criminal police office, BKA, has reportedly moved 400 Bitcoin (BTC) to two well-known U.S.-based crypto exchanges: Kraken and Coinbase.
This comes after a major dip in the market, which saw the price of Bitcoin fall below $60,000 for the first time since late February.
Transaction Details
Data from Arkham Intelligence shows that the German agency-affiliated blockchain wallet transferred the funds in two portions to the exchanges, each containing 200 BTC (worth $12.22 million). The transactions occurred today at exactly 7:38 (UTC).
Possible Reason Behind the Transaction
As expected, this move caught the attention of the crypto community, who are eager to understand why the funds were moved.
Typically, when cryptos are sent to exchanges, it suggests that the owner might plan to sell them for fiat currency or convert them to other tokens. However, blockchain data alone cannot confirm the exact intentions. Such transactions are generally seen as a bearish signal that could potentially affect the asset’s price.
Other Large Movements
Shortly after the funds were sent to Coinbase and Kraken, the agency moved an additional 500 BTC to an unlabeled address. Currently, the German agency wallet holds 46,395 BTC, worth $2.83 billion. The wallet has also lost $9.7 million over the past 24 hours.
This is not the first time that the wallet has transferred hundreds of BTC to exchanges. Last week, it moved 700 BTC to Coinbase in two parts—200 BTC and 500 BTC, respectively. Besides Coinbase, it also moved 800 BTC to an unknown wallet on June 20. Overall, this wallet has transferred 3,400 BTC, worth $207.87 million, and has received 1,400 BTC within the same period.
Bitcoin Faces Intense Sell Pressure
Meanwhile, the possible sale of 400 BTC is seen as one of the factors negatively affecting Bitcoin’s price actions recently.
Other factors, such as the Mt. Gox BTC repayment, large outflows from Bitcoin spot ETFs, and intense selling pressure from whales, have also played significant roles in Bitcoin’s recent underperformance. As of now, Bitcoin is trading at $61,140, showing a 0.18% decline in the past day. Interestingly, Bitcoin’s trading volume is up 42.3% over the past 24 hours, reaching $37.51 billion.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. Readers are encouraged to do thorough research before making any investment decisions.
