German Police Move $425 Million in Bitcoin, Sparking Sell-Off Speculation
A cryptocurrency address believed to belong to the German Federal Criminal Police (BKA) has recently moved 6,500 Bitcoin, worth over $425 million, as revealed by on-chain data.
This wallet, identified by blockchain analytics firm Arkham Intelligence, originally held 50,000 BTC, thought to be seized from the operators of the website Movies2k.to.
On June 19, the transfer of 6,500 BTC from the German government-labeled address to a new wallet, “bc1q0uny,” caught the attention of the crypto community.
This new address made several transactions, including sending Bitcoin to Bitstamp and Kraken exchanges, which led to speculation that the government might be planning to sell some of its Bitcoin holdings. Despite these movements, Bitcoin’s price saw a modest 0.7% increase over the past day.
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The BKA wallet also received 2,500 BTC, valued at approximately $163 million, and currently holds 43,359 BTC, worth about $2.83 billion. The new wallet, “bc1q0uny,” no longer holds any Bitcoin. This complex series of transactions has led many to believe that the agency could be preparing to liquidate some of its Bitcoin.
The recent movement of Bitcoin from a wallet linked to the German Federal Criminal Police has sparked speculation about potential sales. As various governments hold significant amounts of Bitcoin, their actions can influence market dynamics and investor sentiment.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
