Germany's Federal Criminal Police Office (BKA) Moves 400 Bitcoin (BTC) to Kraken and Coinbase

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.

The above is the detailed content of Germany's Federal Criminal Police Office (BKA) Moves 400 Bitcoin (BTC) to Kraken and Coinbase. For more information, please follow other related articles on the PHP Chinese website!