Another major Bitcoin transfer occurred in Germany. On July 4, 1,300 BTC was transferred in portions to Coinbase, Kraken, and Bitstamp, adding to a series of recent German BTC transfers that could increase the selling pressure on Bitcoin.
Blockchain investigator PeckShieldAlert disclosed the movement of 1,300 Bitcoin from a German government-labeled wallet. This transfer, valued at approximately $75.69 million, marks a notable event in the ongoing activities of the German government within the crypto market.
#PeckShieldAlert The #Bitcoin address bc1qq0…738z (labeled as German Gov.?) has transferred 1.3K $BTC (worth ~$75M) to CEXs (#Coinbase & #Kraken #Bitstamp) pic.twitter.com/a2w6CrDltl
— PeckShieldAlert (@PeckShieldAlert) July 4, 2024
According to data from Arkham Intelligence, the German BTC transfers were distributed across three major crypto exchanges: 400 BTC (worth $23.24 million) was sent to Coinbase, 400 BTC (worth $23.24 million) to Kraken, and 500 BTC (worth $29.05 million) to Bitstamp.
Further investigations by Mempool.space disclosed an additional transfer of 1,700 BTC, valued at $98.76 million, to an external address labeled “139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
With this transfer, the total amount of BTC moved by the German government on July 4 amounted to 3,000 BTC.
This trend of German BTC transfers is not unprecedented.
On July 2, the German authorities transferred 282.74 BTC (worth $17.6 million) to Coinbase, Kraken, and Bitstamp. This followed a similar transfer on June 26, when 250 BTC (worth $15.4 million) were moved to Bitstamp and Kraken.
The origins of these Bitcoin transactions trace back to a major seizure in 2013. The German Federal Criminal Police Office (BKA) confiscated nearly 50,000 Bitcoin, worth
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