Smash the plate! Arkham: The German government transferred 1,110 BTC to exchanges Kraken, Bitstamp, etc.

It was discovered by the on-chain data analysis platform Arkham that the wallet address marked as the German government (BKA) has recently begun to transfer Bitcoin, which has triggered concerns in the community and may intensify the Bitcoin crisis. Selling pressure on the currency.

The German government transferred 1,110 BTC to the exchange yesterday

Arkham data shows that the German government-related wallets began to carry out multiple asset transfers on June 19. It is worth noting that they were transferred to crypto Currency exchanges Kraken and Bitstamp transferred 500 BTC and another 40, 40 and 30 Bitcoin to Gemini, BitFlyer and Coinbase, most likely for sale.

A total of 1,110 Bitcoins have been transferred to exchanges, worth approximately US$72.4 million; currently, the German government still holds 47,859 Bitcoins, worth approximately US$3.12 billion, and it is uncertain whether they will be transferred in a short time Keep selling. After all, government procedures usually don’t care about the market impact. It’s worth noting whether there will be continued transfers of BTC to exchanges in the future.

Is the culprit behind Bitcoin’s recent selling pressure?

This move by the German government triggered market discussions. Crypto trader @DaanCrypto, who has more than 370,000 followers, claims that the recent increase in short positions and the decline in the Bitcoin market may be due to the German government’s selling.

Currently, governments around the world often confiscate Bitcoin and other digital assets from criminals. The United States is the largest Bitcoin holder and is not the sixth largest Bitcoin holder, holding 217,000 Bitcoin (worth approximately $14.14 billion).

Given the large scale of Bitcoin held by various governments, how they deal with these Bitcoins has always been a topic of concern to the market. For example, the U.S. government sold 9,861 BTC once owned by Silk Road on Coinbase in February last year.

The German government confiscated 50,000 Bitcoins from pirated movie platforms

As for where did the German government’s Bitcoins come from? According to Arkham’s post in February this year, the wallet comes from the German Federal Criminal Police Office (BKA), which is responsible for combating major criminal activities and protecting social order and public safety.

Germany’s Federal Criminal Police Office seized nearly 50,000 Bitcoins (worth $2.12 billion at the time) from the operator of Movie2k, a website suspected of engaging in illegal movie remakes in 2013, and the BKA subsequently received it in mid-January Got these Bitcoins.

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