German Government Transfers $75 Million Worth of Bitcoin to Exchanges, Raising Liquidation Concerns-web3.0-php.cn

German Government Transfers $75 Million Worth of Bitcoin to Exchanges, Raising Liquidation Concerns

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Jul 11, 2024 pm 05:53 PM

Blockchain data indicates that on July 4th, the German Federal Criminal Police Office (BKA) moved approximately $75 million worth of Bitcoin through multiple transactions.

German Government Transfers Million Worth of Bitcoin to Exchanges, Raising Liquidation Concerns

The German government has transferred another batch of its Bitcoin (BTC) reserves to various exchanges.

Blockchain data shows that on July 4, the German Federal Criminal Police Office (BKA) moved nearly $75 million in BTC via multiple transactions.

The funds were distributed to exchanges like Coinbase, Kraken, and Bitstamp, as highlighted in a tweet by blockchain analysis firm TokenInsight.

After the latest transfers, Germany currently holds 40,359 BTC, valued at over $2.33 billion at press time.

The government has moved around $315 million in BTC to different platforms since June. In total, Germany has now shifted over $390 million in BTC in less than a month.

In 2013, the BKA confiscated nearly 50,000 Bitcoin from the former operator of the piracy website Movie2K. At today's prices, these holdings are valued at approximately $2.3 billion.

The ongoing transfer of Bitcoin to exchanges suggests that Germany might be planning to sell parts of its reserves. This has raised concerns about potential impacts on Bitcoin's market price, which recently dropped below $58,000.

Despite the recent transfers, they represent a relatively small portion of the BKA's extensive Bitcoin holdings. After these transactions, Germany still holds around 40,000 Bitcoin.

These sales mirror similar actions by the U.S. government in recent weeks. The U.S. also holds Bitcoin seized from criminal activities, raising concerns about potential sales.

These liquidations also coincide with the expected start of creditor repayments from the Mt. Gox collapse in 2014. This timing could potentially increase selling pressure on Bitcoin.

However, some argue that these amounts represent a small percentage of Bitcoin's daily trading volumes.

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