Home web3.0 The BKA Moved 3,000 Bitcoins ($172M) to CEXs, Impacting Bitcoin\'s Price

The BKA Moved 3,000 Bitcoins ($172M) to CEXs, Impacting Bitcoin\'s Price

Jul 11, 2024 pm 05:44 PM

The Federal Criminal Police Office (BKA) transferred 3,000 bitcoins worth $172 million on Thursday. On-chain analysis reveals that 1,300 bitcoins were

The BKA Moved 3,000 Bitcoins (2M) to CEXs, Impacting Bitcoin's Price

The Federal Criminal Police Office (BKA) transferred 3,000 bitcoins, valued at approximately $172 million, on Thursday.

According to on-chain analysis, 1,300 bitcoins were sent to centralized exchanges (CEXs) Kraken, Bitstamp, and Coinbase, while the remaining bitcoins were sent to an unidentified Bitcoin wallet. This translates to roughly $75 million being moved to CEXs and $97 million to the unknown address.

PeckShieldAlert notified its followers about the BKA’s CEX-related transfers on X, “#PeckShieldAlert The #Bitcoin address bc1qq0…738z (labeled as German Gov.?) has transferred 1.3K $BTC (worth ~$75M) to CEXs (#Coinbase& #Kraken #Bitstamp).”

This movement follows another batch of 3,000 bitcoins that were liquidated by the same wallet over the past few weeks.

The BKA had earlier seized assets from a movie piracy site, Movie2K, which included around 50,000 bitcoins. The authority intends to sell all the assets it holds.

As the BKA moved the assets, bitcoin’s price dropped below $57,000.

The selling activity by the BKA has impacted bitcoin since June, adding to the selling pressure that occurs when whale wallets, or those holding more than 1,000 bitcoins, sell even a portion of their holdings. These selloffs tend to trigger other holders to also liquidate their holdings, leading to a decrease in the asset’s price.

However, the German government was not the only entity transferring large sums of bitcoins.

On Thursday, the US government also moved substantial amounts it had collected through seizures. While not as significant as the BKA, the US government’s transaction amounted to approximately $13.7 million, according to PeckShieldAlert, which noted on X, “#PeckShieldAlert237 $BTC (worth ~$13.7m) from a wallet related to US Government law enforcement seizures has been transferred to a new address bc1qvc…n257.”

This activity also contributed to bitcoin’s price dip.

Moreover, Mt. Gox's wallet conducted test transactions, transferring only $25 to three wallets. These transactions played a crucial role in bitcoin hitting its lows—price points that were last seen two months ago during its rally.

The above is the detailed content of The BKA Moved 3,000 Bitcoins ($172M) to CEXs, Impacting Bitcoin\'s Price. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Hot Topics

Java Tutorial
1664
14
PHP Tutorial
1267
29
C# Tutorial
1239
24
OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply Apr 14, 2025 am 11:26 AM

In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.

Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF Apr 11, 2025 am 11:04 AM

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market TrollerCat ($TCAT) Stands Out as a Dominant Force in the Meme Coin Market Apr 14, 2025 am 10:24 AM

Have you noticed the meteoric rise of meme coins in the cryptocurrency world? What started as an online joke has quickly evolved into a lucrative investment opportunity

Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Zcash (ZEC) Reaches a High of $35.69 as a Record Amount of Tokens Move Out of Circulation Apr 09, 2025 am 10:36 AM

Zcash was one of the top gainers during the latest market rally, reaching a high of $35.69 as traders moved a record amount of tokens out of circulation.

Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Is Wall Street Quietly Backing Solana? $42 Million Bet Says Yes Apr 10, 2025 pm 12:43 PM

A group of former Kraken executives acquired U.S.-listed company Janover, which secured $42 million in venture capital funding to begin building a Solana (SOL) treasury.

The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn The Crypto Market Has Witnessed a Rebound Following the Recent Sheer Downturn Apr 13, 2025 am 11:40 AM

The crypto market has witnessed a rebound following the recent sheer downturn. As per the exclusive market data, the total crypto market capitalization has reached $2.71Ts

As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd As Fear Drives Selling, BlockDAG (BDAG) Stands Out from the Crowd Apr 13, 2025 am 11:48 AM

As fear drives selling in the crypto market, major coins like Cardano and Solana face tough times.

US Senate Draft Legislation Threatens to Hit Data Centers Serving Blockchain Networks and Artificial Intelligence Models with Fees US Senate Draft Legislation Threatens to Hit Data Centers Serving Blockchain Networks and Artificial Intelligence Models with Fees Apr 12, 2025 am 09:54 AM

The draft bill purportedly aims to address environmental impacts from rising energy demand and protect households from higher energy bills