Recent data from blockchain analytics firm Arkham Intelligence reveals that a cryptocurrency wallet associated with the German government still holds approximately 38,488 Bitcoin (BTC), valued at about $2.19 billion.
This substantial holding comes despite the German government’s recent sales of Bitcoin, which have contributed to market volatility.
Activity of the Bitcoin Wallet Linked to the German Government. Source: Arkham Intelligence
The German Federal Criminal Police Office (BKA) originally seized 49,857 BTC from the illegal movie piracy website Movie2K. Between June and July 2024, the agency gradually sold off these assets, causing ripples in the crypto market.
One of these transactions involved the transfer of 1,095.338 BTC, worth over $67 million at the time, to major cryptocurrency exchanges Kraken and Bitstamp, according to Arkham Intelligence.
The government-linked wallet reportedly conducted a test transaction of 0.001 BTC to a market wallet before carrying on with two separate transactions of $345.338 BTC (~$21.23 million) each. LookonChain, another leading on-chain analytics provider, also confirmed these substantial transactions..
On the other hand, this wallet linked to the BKA also received 345.338 BTC into its portfolio within the same period.
The remaining Bitcoin stash represents approximately 6.64% of Bitcoin’sBitcoin’s 24-hour trading volume of $32.96 billion, according to data from CoinMarketCap. This significant holding suggests potential selling pressure that could impact Bitcoin’s price in the coming weeks.
These institutional sales by major holders like the BKA are speculated to have contributed to the recent decline in Bitcoin’sBitcoin’s value and the overall cryptocurrency market. Data from CoinGecko shows that the total crypto market capitalization dropped from $2.6 trillion on June 1 to $2.1 trillion, as at the time of this reporting.
Meanwhile, Bitcoin is currently trading at $56,275.18, a 0.91% decrease from its price in the last twenty-four hours.
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