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Bitcoin Steady Above $57K as Germany Moves 6.3K BTC to Exchanges
The German government entity has moved hundreds of millions worth of BTC to exchanges in the past few weeks, contributing to selling pressure and bearish sentiment.
Updated Jul 9, 2024, 12:45 p.m. Published Jul 9, 2024, 12:43 p.m.
Bitcoin held steady above the $57,000 mark in early U.S. hours Tuesday even as a German government entity moved an additional $360 million worth of the asset to various exchanges, Arkham data shows.
The government moved 6,600 bitcoin to crypto exchange Kraken, OTC service Cumberland and another address considered by Arkham to be an institutional trading service.
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The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far - over 16,000 BTC in total.
— Arkham (@ArkhamIntel) July 8, 2024
They currently hold 23,787.7 BTC ($1.35B). Less than half of the BTC… pic.twitter.com/tO7r0J0w08
Earlier in the week, 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.
However, the entity received over $200 million from Kraken, Coinbase and Bitstamp back in early Asian morning hours, 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 from the operators of Movie2k.to, a film piracy website. It received the asset in mid-January after a ‘voluntary transfer’ from the suspects.
Data shows BKA’s wallet sits on 40,000 BTC, worth $1.3 billion at current prices, as of Tuesday.
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