German Government Continues Bitcoin Fire Sale, Transfers Another 2,375 BTC ($137.87M) to Exchanges

This recent move follows a pattern of large-scale Bitcoin liquidations by the German government. The funds were distributed among several major cryptocurrency exchanges

The German government continues to make headlines with its large-scale Bitcoin sales. In the past 3 hours, authorities have transferred 2,375 BTC, valued at approximately $137.87 million, to various exchanges and addresses.

Breaking Down the Latest Transactions

This recent move follows a pattern of large-scale Bitcoin liquidations by the German government. The funds were distributed among several major cryptocurrency exchanges, including Kraken, Bitstamp, and Coinbase. Additionally, some Bitcoin was sent to an address labeled 139P. Arkham stated that it is likely an institutional deposit or over-the-counter (OTC) service.

UPDATE: German Government selling up to 2375 BTC ($137.87M)

In the past hour, the German Government has sent 2375 BTC ($137.87M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.

Since yesterday’s movements, the government has… pic.twitter.com/2T57FPbAer

— Arkham (@ArkhamIntel) July 11, 2024

Interestingly, since yesterday’s movements, the government has received 2,442 BTC ($140.47 million) back from exchange addresses, including Kraken and Bitstamp.

After these latest transactions, the German government now holds 13,117 BTC, worth about $767 million. This represents just 26.3% of the Bitcoin originally seized from the Movie2k piracy case.

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