It appears that the German authorities are not done selling just yet. According to data from on-chain analytics company Arkham Intelligence, the German government transferred Bitcoin worth $362 million to crypto exchange Kraken earlier today.
In its report, Arkham Intelligence revealed that the German government owns five Bitcoin wallets, which have been making massive transfers over the past eight days. As of this writing, the wallets collectively hold $1.3 billion in BTC. This figure means that Germany has already cashed out BTC worth $2.2 billion of the $3.5 billion seized from a notorious movie piracy website a few years ago.
Germany Makes More Bitcoin Transfers
Before transferring Bitcoin to Kraken, the German authorities had earlier sent BTC worth $6 million to Cumberland DRW. The Chicago-based liquidity provider is relatively new but has grown in popularity within the crypto circle since the start of the week after the German Bundeskriminalamt deposited $7.5 million worth of BTC.
Meanwhile, Arkham Intelligence says that the funds deposited in Cumberland DRW by the German authorities have been sent to a wallet believed to be an institutional OTC/deposit service.
Along with making deposits into various crypto platforms, the German authorities have also withdrawn BTC from those platforms. Over the past 24 hours, BTC worth $113 million has been withdrawn from Kraken. On Monday, the German government pulled more than 5,300 Bitcoin from various crypto exchanges, including Coinbase and Bitstamp.
Bitcoin Surges 1.2% Despite Germany’s Selloffs
It is worth pointing out that the BTC transfers by Germany this week have not negatively affected Bitcoin prices. Data from CoinMarketCap shows that BTC has increased by 1.2% in the past 24 hours to trade $57,563. By comparison, Bitcoin fell 6.5% last week when the German government made its first transfer to a crypto exchange.
However, Germany’s BTC transfers were not the only factors fueling the price drop. Mt.Gox’s announcement about Bitcoin repayments to creditors also drove BTC prices to lower levels. The collapsed crypto exchange, which filed for bankruptcy protection in 2014, will soon repay its creditors over 140,000 BTC, and many fear that the move will cause prices to fall again.
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