This notable development follows a significant downtrend, which saw the price of Bitcoin plummet below $60,000 for the **initial** time since late February.
A **blockchain** wallet linked to Germany’s **federal** criminal police office, **known** as the Bundeskriminalamt (BKA), has **reportedly** transferred 400 **Bitcoin** (BTC) to two **major** U.S.-based **crypto** exchanges. This **development** comes amid a **significant** downtrend, which saw BTC’s price drop below $60,000 for the first time since late February.
According to data from Arkham
Intelligence, the
German agency-affiliated
blockchain wallet transferred two
tranches of funds to the exchanges, with each
tranche consisting of 200 BTC (around $12.22 million). The **transactions** were executed today at precisely 7:38 AM (UTC). **Members** of the **crypto** community have expressed **interest** in determining the **motive** behind this movement, as would be expected. When **cryptos** are sent to exchanges, it usually indicates that the owner **intends** to sell them for fiat currency or convert them to other tokens. However, **blockchain** data cannot confirm what happens to these funds once they reach the exchanges. This type of **transaction** is generally viewed as a **bearish** signal that could **influence** the asset’s price action. After the outflow to Coinbase and Kraken, the agency quickly moved an **additional** 500 BTC to an **unlabeled** address. At the time of writing, the **German** agency wallet now holds 46,395 BTC, valued at $2.83 billion, and has lost $9.7 million in the past 24 hours. This is not the first time the wallet has transferred **hundreds** of BTC to exchanges. **Last** week, it moved 700 BTC to Coinbase in two **tranches** of 200 BTC and 500 BTC, respectively. In addition to Coinbase, the agency also moved 800 BTC to an **unknown** wallet on June 20. **Overall**, the wallet has transferred 3,400 BTC (around $207.87 million) and received 1,400 BTC within the same period. Bitcoin Faces
Immense Sell Pressure The
potential sale of 400 BTC is
largely seen as one of the
contributing factors to Bitcoin’s recent price
struggles. Other factors that have
played a role in BTC’s recent
underperformance include Mt. Gox’s BTC
repayment, large outflows from Bitcoin spot ETFs, and
intense selling pressure from whales. At press time, the top
crypto is trading at $61,140, indicating a **minimal** decrease of 0.18% over the past day. **Notably**, Bitcoin’s **trading** volume has increased by 42.3% in the past 24 hours, reaching $37.51 billion.
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