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

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 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.

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