Germany has initiated another significant Bitcoin transfer amid market downturns, moving 1,300 BTC to Coinbase, Kraken, and Bitstamp on July 4. This follows a series of recent transfers from German wallets, potentially increasing Bitcoin’s selling pressure.
Blockchain analysts at PeckShieldAlert revealed the movement of 1,300 Bitcoin from a German government-designated wallet, valued at approximately $75.69 million. This transfer signifies a notable development in Germany’s ongoing crypto market activities.
According to data from Arkham Intelligence, the transfer distributed 400 BTC (worth $23.24 million) to Coinbase, 400 BTC (worth $23.24 million) to Kraken, and 500 BTC (worth $29.05 million) to Bitstamp.
Further investigation by Mempool.space disclosed an additional transfer of 1,700 BTC, valued at $98.76 million, to an external address labeled “139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.” This brings the total BTC moved by the German government on July 4 to 3,000 BTC.
These transfers are part of a broader trend. On July 2, German authorities transferred 282.74 BTC (worth $17.6 million) to Coinbase, Kraken, and Bitstamp, following a similar transfer on June 26 of 250 BTC (worth $15.4 million) to Bitstamp and Kraken. These transactions originated from a major seizure in 2013 when the German Federal Criminal Police Office confiscated nearly 50,000 Bitcoin from the operators of Movie2k.to.
Despite these recent activities, Germany still holds a Bitcoin reserve of 40,359 BTC, currently valued at $2.30 billion.
The recent transfers from Germany have sparked speculation within the crypto community about potential market impacts. Observers speculate that the government might be preparing to liquidate more Bitcoin from the newly active wallet, potentially influencing the market through a significant sell-off.
Similar large-scale sell-offs in the past have affected the BTC market. Last month, the US government moved 11.84 BTC (valued at approximately $743,000) and subsequently transferred 3,940 BTC to Coinbase Prime, coinciding with the upcoming repayment of BTC to Mt. Gox creditors.
Mt. Gox, which lost 850,000 Bitcoin in 2014, announced it would start repaying users in July, with over $9.4 billion worth of Bitcoin owed to approximately 127,000 creditors.
Eric Balchunas, senior ETF analyst at Bloomberg, noted that rapid selling by Mt. Gox customers could further pressure BTC prices.
The combined impact of German BTC transfers, US government actions, and concerns over Mt. Gox repayments has already led to a 5.39% drop in BTC’s market price over the past 24 hours, currently standing at $57,000.
For more updates, follow us on Google News.
