German Police Move $54M in Bitcoin to Exchanges Ahead of Mt. Gox Repayments

A wallet linked to the German Federal Criminal Police Office (BKA) moved $24 million worth of Bitcoin (BTC) to cryptocurrency exchanges Kraken and Coinbase

A wallet linked to the German Federal Criminal Police Office (BKA) moved $24** million in bitcoin (BTC) to crypto exchanges Kraken and Coinbase on Tuesday, with an additional **$30 million in BTC being transferred to an untagged wallet, according to data from Arkham. The transactions follow the movement of $130** million in BTC to exchanges on June 19 and **$65 million on June 20. The recent transactions come amid speculation over the BKA's large-scale bitcoin holdings and their potential impact on the market. On June 19, $130** million in BTC was sent to exchanges from a wallet linked to the **German** government, sparking rumors that the authorities might be planning to sell their bitcoin holdings in a bid to stem rising inflation in the country. The transactions were flagged by Arkham, with CEO Miguel Mores suggesting that the moves might indicate an intention to sell the assets. In total, the **German** government wallets sold 900 BTC in three transactions on June 25 , with 200 BTC being sent to Coinbase, 200 BTC to Kraken, and 500 BTC to an untagged wallet labeled "139Po" by Arkham Intelligence. The **German** **Federal** **Criminal** **Police** **Office** seized nearly 50,000 BTC, valued at over **$2 billion at the time, from the operators of film piracy website Movie2k.to in 2013. The BTC was transferred to the BKA in mid-January following a voluntary handover by the suspects. As of now, the German government's wallets still hold 46,359 BTC, valued at roughly $2.8** billion. This massive holding continues to be a potential source of selling pressure on the market. The recent transactions raised concerns about the potential impact on bitcoin prices. The market has already been trending lower with BTC prices falling 11% over the past month and over 7% in the past week, trading just above **$61,000. Analysts, including Willy Woo, suggest that bitcoin might undergo a correction lasting up to four weeks before resuming its price rally. The German government's BTC movements come ahead of another potential source of selling pressure. The now-defunct cryptocurrency exchange Mt. Gox is set to start repaying its users in July , with more than $9.4 billion in BTC owed to approximately 127,000 creditors. This could further impact bitcoin prices as these users look to liquidate their recovered funds.

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