German Authorities Transfer $95M Worth of Bitcoin to Exchanges, Sparking Speculation of Market Impact

The German Federal Criminal Police Office (BKA) transferred an additional 1,500 Bitcoin, valued at nearly $95 million, to various Bitcoin and crypto exchanges

German authorities transferred an additional 1,500 Bitcoin, valued at nearly $95 million, to various Bitcoin and crypto exchanges on July 1st, according to data from Arkham.

The latest transfer brings the total amount of Bitcoin moved by the German government to exchanges to nearly $220 million since June 19th.

These Bitcoin were initially seized in 2013 by the German Federal Criminal Police Office (BKA), which confiscated nearly 50,000 Bitcoin, then valued at over $2 billion, from the operators of Movie2k.to, a film piracy site.

The recent transactions suggest that German authorities may be preparing to sell some of their Bitcoin holdings.

This action is similar to recent moves by the U.S. government, which also transferred large amounts of Bitcoin to exchanges, potentially indicating plans to sell.

Both cases have led to speculation within the Bitcoin community about the possible impact on Bitcoin's market price.

However, despite these transactions, most of the seized Bitcoin still remains under German government control.

According to Arkham, nearly 44,692 Bitcoin, valued at approximately $2.82 billion, are still held in government wallets. Thus, the recent transfers represent a small fraction of their total holdings.

The Bitcoin market's reaction to these government-initiated transactions remains to be seen.

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