German Government Transfers Another 2,527 Bitcoins to Exchanges Ahead of Presumed Sale

Right on schedule, a wallet controlled by a German government authority has transferred more bitcoin to centralized exchanges Bitstamp, Kraken and Coinbase

A wallet controlled by a German government authority transferred more bitcoin to centralized exchanges Bitstamp, Kraken and Coinbase on Thursday, in a move that is likely intended to sell the coins.

The wallet transferred exactly 375 bitcoins ($21.8 million) to Bitstamp, 375 bitcoins ($21.8 million) to Kraken and 375 bitcoins ($21.8 million) to Coinbase at around 7:50 a.m. UTC.

It also moved 1,000 bitcoins ($58.1 million) to a wallet identified by Arkham as belonging to B2C2 Group, 250 bitcoins ($14.5 million) to a presumed OTC service to an institutional deposit address and 152 bitcoins ($8.9 million) to crypto market maker Cumberland DRW in a further transaction at around 10 a.m. UTC.

In total, the German government has apparently transferred out 2,527 bitcoins on Thursday, which are collectively worth $146.8 million. It still holds around 13,025 bitcoins, valued at more than $758 million, according to Arkham.

The latest moves follow yesterday's transfers of more than 10,853 coins (collectively valued at $637.7 million at the time) to the same or similar entities — although the German government did receive back 2,422 bitcoins ($142 million) in one transaction last night. The returned bitcoins were likely unsold as part of a sale agreement.

Overall, the transfers align with the German government's strategy to offload 50,000 confiscated bitcoins that were seized from the now-defunct film piracy website Movie2K in January — a move that German Bundestag and bitcoin advocate Joana Cotar has criticized as "counterproductive."

The price of the foremost cryptocurrency is down less than 1% on the day, according to The Block's Bitcoin Price Page. However, bitcoin's price is still down around 10% since the German authorities began moving funds to exchanges on June 18.

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