The German Federal Criminal Police Office (BKA) on Monday transferred an additional 1,500 Bitcoin, worth approximately $95 million, to multiple crypto exchanges, including Bitstamp, Coinbase, and Kraken.
JUST IN: 🇩🇪 The German government is sending another 1,500 #Bitcoin worth $95 million in trade 👀 pic.twitter.com/AZqs0UFWei
– Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
This follows a series of transactions since June 19, when the German government moved about $220 million worth of Bitcoin to various exchanges, according to data from Arkham.
The German government first received these Bitcoins after a major seizure in 2013. The BKA confiscated approximately 50,000 Bitcoin, then worth more than $2 billion, from the operators of Movie2k.to, a notorious movie piracy website operating at the time.
This move suggests a possible intention of the German authorities to eliminate some of the Bitcoin from the crack.
This move by Germany reflects the recent actions of the US government, which has also transferred millions of dollars of Bitcoin to the exchange, which may indicate their intention to sell. In both cases, the transfer caused significant speculation among the Bitcoin community about the potential impact on the Bitcoin market price.
Despite the big move, most of the seized Bitcoin remains under the control of the German government. About 44,692 Bitcoins, worth about $2.82 billion, are still held in government coffers. This means that recent transfers, although significant, represent a small proportion of total catches.
As the situation unfolds, how the Bitcoin market will react to this government-initiated move remains to be seen.
