According to Lookonchain, the German government has transferred another 750 BTC worth around $46.35 million. Of this, around $15.41 million or 250 BTC were transferred to the crypto exchanges Bitstamp and Kraken.
Despite these transfers, the company still has a significant Bitcoin reserve, currently totaling 45,609 BTC, worth an estimated $2.81 billion.
Large transfers and test transactions
Data showed that the German government also transferred 0.001 BTC to Flow Traders, which may be a test transaction, suggesting that authorities may be exploring additional ways to sell the Bitcoin holdings through this trading firm.
The recent moves are part of a larger trend: over 2,000 BTC were sold from the address allegedly belonging to the government, and this coincided with a period of market turbulence.
The development comes just a day after Arkham Intelligence discovered a wallet linked to the Federal Criminal Police Office (BKA) transferring $24 million worth of Bitcoin to exchanges Kraken and Coinbase. Another $30 million in BTC was transferred to a new, unmarked wallet. These movements are in addition to transfers on June 19 and 20, which total $130 million and $65 million, respectively.
The origin of this Bitcoin hoard can be traced back to the seizure by the BKA from the operators of Movie2k.to, a now-defunct movie piracy website that was active in 2013. The amount seized, almost 50,000 BTC, was worth over $2 billion at the time of the seizure. The BKA received these funds in mid-January following a “voluntary transfer” from a suspect involved in the case.
Bitcoin falls again
The recent market fluctuations appear to have been influenced by the German government’s Bitcoin transfers as well as other factors that briefly caused the price of the underlying asset to drop, pushing it below $60,000 earlier this week. The recent Bitcoin divestment action has put renewed pressure on the market.
The top digital asset had risen to $62,400 following the market-wide crash, but the general pressure led to a further decline. Currently, BTC is struggling to stay above $61,000.
