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Bitcoin, Ether Reverse Losses as Germany Gets Back $200M BTC From Exchanges
On Monday, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses.
Updated Jul 9, 2024, 5:59 a.m. Published Jul 9, 2024, 5:57 a.m.
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- Solana's SOL, Ether and other major tokens jumped as much as 7%.
- BKA received over $200 million from Kraken, Coinbase and Bitstamp.
Bitcoin led a crypto market recovery early Tuesday as a German government entity received over $200 million worth of the asset back from various exchanges in late U.S. hours, helping revive sentiment.
Bitcoin was trading just over $57,300 in Asian morning hours, up 3.5% over the past 24 hours, while major tokens such as Solana’s SOL jumped as much as 6%. Ether climbed back above $3,000, while dogecoin was up nearly 7%.
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On Monday, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses, spooking traders.
But the entity received over $200 million from Kraken, Coinbase and Bitstamp back in the past 12 hours, Arkham data shows, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market.
The BKA had seized almost 50,000 BTC in 2013, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website. It received the asset in mid-January after a ‘voluntary transfer’ from the suspects, as previously reported.
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What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
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