How much government sold the latest bitcoin?
According to the information obtained by the analyzing of activity from the participant, the German government transferred 1,125 Bitcoins to cryptocurrency exchanges on July 11, including Coinbase, Kraken, and Bitstamp. This big move, which took place in a negative Bitcoin market, has focused people’s attention on the Bitcoin strategy practiced by the government.
Details about the Recent BTC Transactions
Arkham, a blockchain intelligence platform, informs that the transactions were equally divided between the three exchanges. The government dispatched 375 BTC (21.8 million USD) to each of Bitstamp, Kraken, and Coinbase, totaling 1,125 BTC (65.3 million USD) at approximately 7:50 a.m. UTC.
More BTC Movements and Market Impact
In the last hour, the German government transferred 2,375 BTC ($137.87 million) to Kraken, Bitstamp, Coinbase, and the 139Po and bc1qu addresses, which are most likely to be institutional deposits or OTC services. Nonetheless, the German treasury found their held 2,442 BTC ($140.47 million) from the exchange addresses, and only Kraken and Bitstamp were involved.
At the moment, they have 13,117 BTC, which is worth $767.18 million the government keeps (that makes up for 26.3% of BTC that was seized from the pirate website Movie2K) currently on hold.
Transfer to Market Makers and Institutional Addresses
Furthermore, the 1000 BTC ($58.1 million) was sent to the B2C2 Group wallet, a market-making, and OTC service provider. The other 250 BTC ($14.5 million) is believed to have been sent to an OTC service depositing address.
Following Transactions with Cumberland DRW
A little later on the wave of activity that has now continued, the German government sent almost 152 BTC ($8.9 million) to crypto market maker Cumberland DRW. The 11th of July BTC transactions which were totally 2,527 BTC worth $146.8 million in all.
The BTC inflow on July 10
This series of new transfers which have taken place recently are after quite a surprising additional 2,442 BTC were transferred to the government’s wallet on July 10. Direct inflow was 903 BTC ($52.3 million), which they received from Kraken, 1,529 BTC ($88.6 million) from unknown addresses, and 10 BTC ($575,000) from Bitstamp, which could represent possibly the unsold assets they had promised.
Bitcoin Holdings Origin
The BTC holdings, which were the topic of the discussion, were in fact those seized in the beginning of January 2024, when they took Movie2K, the film piracy site, down by 50,000 BTC. Note, in spite of the aforementioned drains, the wallet affiliated with the Federal Republic of Germany has still 12,925 BTC, which are equivalent to more than $756.336 million.
