German Government Moves 6.3k Bitcoin; Holds $1.3B Worth BTC

On Jul 9, 2024

In a series of transactions, the German government has once again begun moving large amounts of Bitcoin. These movements, involving over 3,100 BTC, happened in the last 3 hours, according to data from Arkham.

From Seizure to Sale: Germany’s Bitcoin Journey

The story begins in January 2024, when German police in Saxony seized nearly 50,000 BTC, valued at $2.2 billion at the time. This stash was confiscated from the operators of the movie piracy site Movie2k.to. It also earned its name as the largest Bitcoin seizure in German history.

Recent data from Arkham Intelligence reveals that the German government has been actively managing these holdings. In the latest movements over the past few hours, 400 BTC was transferred to Kraken. Two transactions of 2.5k Bitcoin worth $143M were made to a wallet that Arkham suspects belongs to the B2C2 group.

Intriguingly, the government also received 1,692 BTC from Bitstamp in three separate transactions.

These transactions suggest a strategic approach to managing the seized assets. The German Federal Criminal Police Office (BKA) currently holds approximately 26,053 bitcoins, worth about $1.5 billion at current prices. This figure indicates that the government has already sold almost half of the originally seized Bitcoin.

According to Arkham on X, the German Government is selling over 6306.9 BTC today.

TODAY: German Government selling up to 6306.9 BTC ($362.12M)
In the past 3 hours, the German Government has sent 6306.9 BTC ($362.12M) to Kraken, Cumberland, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Of this, 3206.9 BTC ($184.58M) has been sent within… pic.twitter.com/6SmhMDElNZ
— Arkham (@ArkhamIntel) July 9, 2024

The German government’s large-scale offloading of Bitcoin has affected the crypto market. Yesterday, the German government moved over $900 in BTC, which caused the price of Bitcoin to drop to $55,000.

However, the market seems to have relaxed now as Bitcoin has reclaimed the $57,000 level, and Ethereum has returned above $3,000.

Also Read: Wanting to Buy the Bitcoin Dip? Best Follow the Whales