According to data shared by Lookonchain, the German government has transferred 750 BTC again, worth around $46.35 million. Approximately $15.41 million or 250 BTC were sent to the cryptocurrency exchanges Bitstamp and Kraken.
Despite these transfers, the entity still holds a large reserve of Bitcoin, currently holding 45,609 BTC, estimated to be worth $2.81 billion.
Large transfers and test transactions
The data shows that the German government also transferred 0.001 BTC to Flow Traders, which may be a test transaction. This indicates that the authorities may be exploring alternative ways to sell Bitcoin through this trading company.
The recent movements are part of a larger trend, where over 2,000 BTC were sold from addresses identified as government-owned during a period of market turmoil.
Just the day before this development, Arkham Intelligence flagged a wallet associated with the Federal Criminal Police Office (BKA) of Germany, which transferred $24 million worth of Bitcoin to the Kraken and Coinbase exchanges. Another $30 million worth of BTC was transferred to a new unmarked wallet. In addition, the total amount transferred on June 19th and 20th was $130 million and $65 million, respectively.
The source of this Bitcoin treasure can be traced back to assets seized by the BKA from the operator of Movie2k.to, a now-defunct movie piracy website that was active in 2013. When seized, nearly 50,000 BTC worth over $2 billion was confiscated. The BKA received these funds in mid-January after a suspect “voluntarily transferred” them.
Bitcoin retreats once again
The recent market fluctuations seem to have been influenced by the German government’s Bitcoin transfers, among other factors, which briefly caused the price of the underlying asset to fall, dragging it below $60,000 earlier this week. The latest action of Bitcoin withdrawal has once again added pressure to the market.
The top digital asset surged to $62,400 after the entire market collapse, but overall pressure has caused it to drop again. As of now, BTC is struggling to maintain above $61,000.