2024

Bitcoin

Arkham

when

Read

<p class="is-style-lead">Bitcoin’s market price stabilized as Germany’s government shredded its BTC holdings from over 50,000 coins to under 23,000 tokens.&nbsp;</p>
<p>According to on-chain insight provider <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>, Germany’s government transferred 6,306.9 Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) valued at over $362 million to several entities, including centralized exchange Kraken, on Tuesday. Kraken received 800 BTC worth $45.9 million, while market makers B2C2 Group and Cumberland DRW were sent $287.1 million and $6.2 million in Bitcoin, respectively.&nbsp;</p>
<p>A fourth address marked as “unlabeled”, likely an OTC desk, was sent 400 BTC or around $24 million in crypto. When Germany moved to liquidate BTC on Monday and last week, the asset’s market price usually declined.</p>
<p>However, BTC was unfazed by the selling pressure this time and maintained its level above $57,000 at press time.</p>
<p>You might also like: <a href="https://crypto.news/german-government-sends-over-16000-btc-to-exchanges/" rel="noopener noreferrer nofollow"> German government sends over 16,000 BTC to exchanges </a></p>
<h2 class="wp-block-heading" id="germany-s-bitcoin-trove-down-by-over-half">Germany’s Bitcoin trove down by over half</h2>
<p><a href="https://crypto.news/?s=german" target="_blank" rel="noopener noreferrer nofollow">German authorities</a> started sending BTC to exchanges and trading venues last week after seizing some 50,000 tokens from the illegal film site Movie2k in January. The largest single-day transfers occurred on Monday, when Germany moved 16,000 Bitcoin, or $866 million, to addresses identified as exchanges and other institutional counterparties.&nbsp;</p>
<p>The reverse has also happened, as platforms like Bitstamp, Coinbase, and Kraken have returned millions in BTC to German state-controlled wallets.&nbsp;So far, the exchanges have sent over $300 million in BTC back to Germany. The leading theory behind the return suggests platforms could not liquidate the crypto within agreed price ranges.&nbsp;</p>
<p>Following the latest transfer on Tuesday, Arkham noted that Germany still holds around 22,847 BTC worth over $1.3 billion.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">TODAY: German Government selling up to 6306.9 BTC ($362.12M)<br><br>In the past 3 hours, the German Government has sent 6306.9 BTC ($362.12M) to Kraken, Cumberland, 139Po (likely institutional deposit/OTC service) and address bc1qu.<br><br>Of this, 3206.9 BTC ($184.58M) has been sent within… <a href="https://t.co/6SmhMDElNZ" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/6SmhMDElNZ</a></p>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1810611088838279436?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 9, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Read more: <a href="https://crypto.news/german-mp-urges-government-to-halt-btc-sales-in-lieu-of-need-for-strategic-reserve/" rel="noopener noreferrer nofollow"> German MP urges government to halt BTC sales in lieu of need for ‘strategic reserve’ </a></p>

Bitcoin price shrugs Germany’s $362m exchange deposit

Table of Contents

crypto.news

Other articles published on Jul 9, 2024

Shiba Inu Experiences Recent Price Increase

If History Repeats, Bitcoin Price Could Crash 33% Again: Here’s Why

Ripple News Today: Here’s When XRP Price Is Expected To Rally

Trump Vice President Pick Coming 'Any Time': Betting Odds Show New Favorite Emerging

Trump Criticizes Democrats for Anti-Crypto Stance: ‘Halt Un-American Crackdown’

Ripple vs. SEC: July 13 Deadline Looms for XRP Legal Showdown

Join our free newsletter for daily crypto updates!