Another Reason to Worry? Germany Moves $94.7M in Seized Bitcoin to Exchanges

The NFT Unicorn Germany Another Reason to Worry? Germany Moves $94.7M in Seized Bitcoin to Exchanges Crypto News

The German government has moved another stash of its seized Bitcoin to some of the world’s top crypto exchanges, stirring new fears of a possible liquidation of its Bitcoin reserves.

Despite the latest transfers, it currently possesses Bitcoins worth around $2.82 billion.

Germany’s Bitcoin Transfers Continues

According to an update by Lookonchain, the German government has made a significant Bitcoin transaction, moving 1,500 BTC on July 1st. The latest stash is worth a whopping $94.7 million.

Out of this total, 400 BTC, which is valued at over $25 million was transferred to major cryptocurrency exchanges including Bitstamp, Coinbase, and Kraken. Currently, they hold 44,962 BTC, which is equivalent to roughly $2.82 billion.

The entity has been conducting a series of transactions lately – moving roughly $200 million worth of BTC to various exchanges, as flagged by intelligence platforms. These were initially acquired after a major seizure in 2013 when the BKA confiscated nearly 50,000 BTC, which was then valued at over $2 billion, from the operators of Movie2k.to, a popular film piracy website.

The string of transactions suggests that the German authorities could be planning to liquidate some of these assets, an action that mirrors the moves by the US government, which has also transferred millions of dollars in seized crypto to exchanges, possibly indicating an intent to sell.

Interestingly, both instances have generated notable speculation regarding the potential impact on Bitcoin’s price.

US and Germany: Top Holders of Bitcoin

Last week, the US government transferred 3,940 BTC, worth $24 million, to a Coinbase Prime address. These Bitcoins were originally seized from Silk Road vendor and narcotics dealer Banmeet Singh during his January trial.

The US and Germany are among the largest state holders of Bitcoin, with the US leading, followed by China, the UK, and Ukraine, according to data compiled by Bitcoin Treasuries. While previous transfers have significantly impacted Bitcoin’s price, this latest one did not. In fact, Bitcoin was up by a modest 2.07% over the past day, trading at $62,762, at the time of writing.

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Source: CryptoPotato