German Govt Continues Dumping Spree, Moves Another 3,200 BTC Across CEXs and Wallets

The Bitcoin selling spree by the German government has been nothing but a huge topic of discussion in the crypto market. According to the latest report, the government has transferred another sizeable amount of BTC, up to the tune of 3,200 to centralized exchanges and other crypto wallets.

This comes against the backdrop of the notable Bitcoin price uptick in the last 24 hours. According to data from CoinMarketCap, the price of BTC has succeeded in moving upwards above the $57,000 mark regardless of the heightened selling pressure facing the asset. While investors are hoping for the rally to usher in positive sentiments in the market, the German government has dashed these hopes as it dumps again in less than 24 hours. Let us look at these transactions in detail.

Germany’s Criminal Police Transfers Over $183 Million in Bitcoins

Arkham Intelligence, a blockchain insight platform, has continued tracking the movements of these seized Bitcoins by the federal investigative police of Germany. According to its recent data, the German government (BKA) moved a staggering 3,200 BTC to the US-based crypto exchange Kraken and other unidentified wallets.

Per the report, the BKA distributed the assets as follows; 400 BTC, valued at $23.02 million, was sent to the aforementioned exchange, 200 BTC, worth $11.51 million was sent to a wallet address labeled ‘bc1q…zr4j’, 106.958 BTC, worth $6.16 million moved to Cumberland DRW, and 2,500 BTC, valued at approximately $143.89 million was transferred to a wallet associated with the B2C2 Group, labeled ‘139P…ybVu.’ Notably, all these transactions were carried out in less than 10 minutes.

Interestingly, the transactions were initiated a few hours after a staggering amount of Bitcoin, about 1,690 BTC (valued at $96.8 million), entered into the German government’s account from the Luxembourg-based crypto exchange Bitstamp. So far, the BKA has facilitated transactions through Coinbase, Kraken, and Bitstamp exchanges alongside several unknown wallets.

At the time of writing, the total Bitcoin holding of the German government now equals 22,846 BTC, valued at $1.3 billion, signifying a 0.56% decline in value from the previous day’s holding. While the exact reasons behind these substantial transfers are unknown, it has birthed a wave of speculation and FUD across the market.

Showing concern, Justin Sun, the founder of the Tron network extended a proposal to the government, telling them of his intentions to purchase all existing Bitcoins off-market, to mitigate the impact of the constant sell-off on the price of the asset. However, there has been no response, instead, we continue to see a relentless sell-off by the government agency.

According to CoinMarketCap data, Bitcoin is currently trading at $57,598, representing a 0.14% decline in the last 24 hours. Moreover, its trading volume within the recorded time has increased by 4% to $32.5 billion.