CDS Crypto News Breaking Crypto News – German Government Proceeds with Bitcoin Sell-Off, Holdings Halved
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Breaking Crypto News – German Government Proceeds with Bitcoin Sell-Off, Holdings Halved

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Breaking Crypto News - German Government Proceeds with Bitcoin Sell-Off, Holdings Halved

Breaking Crypto News – German Government Slashes Bitcoin Holdings, Less Than Half Left

Breaking Crypto News: Following a series of bitcoin transfers on Monday, the German government has sent an additional $339.2 million worth of bitcoin to addresses associated with centralized crypto exchanges and market makers as of Tuesday.

Recent Bitcoin Transfers to Exchanges and Market Makers

The latest transactions include 800 bitcoins ($45.9 million) sent to the crypto exchange Kraken, 5,000 bitcoins ($287.1 million) transferred to an address believed to be affiliated with market maker B2C2 Group, and nearly 107 bitcoins ($6.2 million) sent to market maker Cumberland DRW, according to onchain analytics platform Arkham. Additionally, 400 bitcoins ($23 million) were transferred to an unlabeled address.

Moreover, the German government received 1,692 bitcoins ($96.9 million) back from the crypto exchange Bitstamp on Tuesday.

This bitcoin movement follows the German government’s initiative to move bitcoin to exchanges last month, after seizing 50,000 bitcoins from the film piracy site Movie2k in January.

Monday’s Bitcoin Transfers: Overview and Reversals

On Monday, government-labeled addresses transferred over 15,000 bitcoins ($866 million) to addresses identified by Arkham as belonging to market makers and exchanges. However, later in the day, 3,623 bitcoins ($203.7 million) were sent back to the German government from Bitstamp, Coinbase, and Kraken.

According to Research Director Steven Zheng, these bitcoins were likely returned to the German government because exchanges were unable to sell them within the targeted price range. “Given that some bitcoin was sent back to the German government from Coinbase, it can be assumed that these were unsold bitcoin as part of a sales agreement between the crypto exchange and the country,” Zheng said.

Currently, less than half of the German government’s seized bitcoins remain, with the government holding 22,846 bitcoins, worth approximately $1.3 billion, according to Arkham’s dashboard.

Last week, Joana Cotar, an independent member of the German Bundestag, heavily criticized the government’s decision to “hastily” sell its bitcoin holdings, urging the government to retain the funds as a strategic reserve asset.

Bitcoin, the largest cryptocurrency by market cap, is currently trading at $57,341 and has remained stable over the past 24 hours. However, the price of Bitcoin has fallen by approximately 12% since the German government began moving funds to exchanges on June 18.

Breaking Crypto News - German Government Proceeds with Bitcoin Sell-Off, Holdings Halved

FAQ

Why is the German government transferring bitcoins to crypto exchanges and market makers?

The German government is transferring bitcoins seized from previous activities, such as the Movie2k case, to exchanges and market makers. This move aims to liquidate these assets, likely as part of a strategic decision to manage seized cryptocurrencies.

Which crypto exchanges and market makers have received bitcoins from the German government?

According to reports, crypto exchanges like Kraken and market makers such as B2C2 Group and Cumberland DRW have received significant amounts of bitcoins from the German government recently.

For more up-to-date crypto news, you can follow Crypto Data Space.

Breaking Crypto News - German Government Proceeds with Bitcoin Sell-Off, Holdings Halved

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