Over the past 24 hours, a massive Bitcoin transaction conducted by the German government has captured the attention of the global cryptocurrency market. According to blockchain tracking service Arkham, more than 16,000 BTC, worth around $915 million, was moved to multiple addresses, shaking up the digital finance sector.

The transactions were first identified by Arkham, which observed hundreds of millions of dollars in Bitcoin being transferred to multiple addresses, most of which were linked to major cryptocurrency exchanges and market makers. According to the records, the German government initially sent “2,738.7 BTC, equivalent to $155.3 million to potential exchanges/market makers, including Kraken, Cumberland, 139Po (probable institutional/over-the-counter deposit) and bc1qu.”

In a subsequent update, it was revealed that the government moved another 8,100 BTC, worth $463.2 million, to wallets associated with exchanges Kraken, Bitstamp, and Coinbase, as well as market maker Flow Traders. A third update detailed an additional transfer of 5,200 BTC, worth $297.3 million, to the same market participants.

This robust activity marked the day with the highest volume of Bitcoin transactions by the German government, totaling over 16,000 BTC transferred. In total, the government now holds 28,988 BTC, valued at approximately $1.66 billion.

The impetus for these massive Bitcoin sales by the German government stemmed from seizures made during an investigation into the illegal streaming site Movie2k.to, which operated between 2008 and 2013 and was responsible for the illegal distribution of over 880,000 pirated films. German police managed to seize nearly 50,000 BTC in connection with the case.

Despite concerns from some analysts and blockchain enthusiasts about the market implications of these sales, digital asset analyst PlanB expressed confidence to his audience of 1.9 million followers on social media platform X: “Yes, yes, the German government is selling 50,000 BTC… and Mt.Gox is returning 142,000 BTC to investors (some may sell)… However, I see nothing in the data that indicates structural weakness in Bitcoin markets.”


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.

Source: https://portalcripto.com.br/governo-alemao-transfere-us-1-bi-em-bitcoin-para-venda/

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