German Government Begins Liquidating Bitcoin Holdings, Moves $600M to Exchanges, $195M on June 20

Jun 20, 2024, 01:27 PM

The German government has started liquidating its Bitcoin holdings, moving significant amounts to various cryptocurrency exchanges. On June 19, a wallet identified as belonging to the German government BKA transferred 6,500 BTC, worth over $423 million. The funds originated from the seizure of the Movie2k website operator. The German government still holds approximately 43,000 BTC, valued at around $2.8 billion. Subsequent transactions included 1,000 BTC, worth about $65.14 million, sent to Kraken and Bitstamp, and 200 BTC, worth $13.16 million, sent to Coinbase. The total amount moved so far is approximately $600 million, with $195 million transferred in the past two hours alone. According to Arkham, the German government moved 1,500 BTC to exchanges on June 20, and it initially held 50,000 BTC.