German Government Continues to Liquidate Its Bitcoin Holdings, Sending $362M to Kraken and Cumberland
- WBOYOriginal
- 2024-07-15 22:43:36425browse
The German Federal Criminal Office, or Bundeskriminalamt (BKA), moved another $362 million in bitcoin on July 9, leaving it with $1.3 billion worth of assets
German authorities shifted another $362 million in bitcoin on July 9, bringing the total assets left in the BKA wallet to $1.3 billion, which will most likely be liquidated until the last satoshi.
Arkham Intelligence highlighted BKA’s wallet activity on the platform, posting on X, “TODAY: German Government selling up to 6306.9 BTC ($362.12M).” The platform’s post further stated, “In the past 3 hours, the German Government has sent 6306.9 BTC ($362.12M) to Kraken, Cumberland, 139Po (likely institutional deposit/OTC service) and address bc1qu.” Arkham's X account also highlighted the swiftness of the government's movements, stating, “Of this, 3206.9 BTC ($184.58M) has been sent within the past 20 minutes.”
Due to BKA's wallet swiftly moving its holdings into the market, often in the millions, and adding selling pressure, bitcoin's price has dropped in the past month. As a result, bitcoin's price dropped below the $60,000 mark a few days ago and has remained there. With this wallet selling, bitcoin's price is expected to drop further. However, bitcoin holders have had a good run in July, with the asset posting an average nine percent gain over the past few years.
The BKA-labeled wallet shifted $55 million to Kraken and another $6 million to Cumberland, a liquidity provider based in Chicago. Another 5,000 bitcoins ($287.07M) were sent to an unlabeled wallet, 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu, which might be an OTC institutional service, according to Arkham. While these transfers show the assets moving out of the BKA's wallet, the wallet also received 1,700 bitcoins from Bitstamp and over 1,900 bitcoins from Kraken.
Bulk asset movements from the German government led to bitcoin facing strong resistance in June. Early July saw bitcoin plummet below $60,000 as the wallet moved $172 million in bitcoin and Mt. Gox began its repayment process. A German legislator also urged the government to hold the assets to diversify its reserves.
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