Financial NewsGerman Authorities Move Large Bitcoin Holdings: Potential Sell-Off Imminent?

German Authorities Move Large Bitcoin Holdings: Potential Sell-Off Imminent?

Hey everyone! I just came across some interesting developments in the crypto space involving the German Federal Criminal Police Office (BKA) and their handling of Bitcoin. Here’s what’s going on:

BKA Transfers Bitcoin to Exchanges

Recently, the BKA has been moving significant amounts of Bitcoin, hinting at a potential sell-off. According to Arkham Intelligence, the BKA transferred 400 BTC (worth around $24 million) from their wallet labeled “German Government” to major crypto exchanges like Coinbase, Kraken, and Bitstamp. This morning, an additional 282 BTC, valued at over $17 million, were also moved.

Also Read: Coinbase Partners with DOJ for Crypto Custody Services

Background on the Bitcoin Holdings

The BKA’s Bitcoin stash, totaling almost 50,000 BTC, was originally seized by the Saxon State Criminal Police Office from suspects involved in the Movie2k.to case. In recent weeks, over 1,000 BTC have already been transferred to exchanges, adding to the selling pressure alongside similar actions by the US government.

Also Read: SEC Approves Historic Bitcoin-Ethereum ETF Proposal by Hashdex

Impact on the Market

These moves have sparked speculation about an impending wave of Bitcoin selling, potentially affecting market prices. As of now, the BKA still holds BTC worth approximately $2.7 billion.

Also Read: Can Bitcoin Maintain Above $63,000? What to Watch This Month

Official Statements

Neither the BKA nor the Dresden Public Prosecutor’s Office has confirmed any sales yet, leaving the crypto community watching closely for further developments.

Stay tuned as we monitor this situation and its impact on the Bitcoin market!

Jason Norton
Jason Norton
Jason Norton is a seasoned journalist at NewsAlarms, specializing in fintech, finance, and startup news. With a passion for uncovering the latest trends and innovations in these dynamic fields, he brings insightful perspectives to our readers

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