German government continues Bitcoin transfers to exchanges

On Tuesday (July 9), German Government transfers funds worth $339.2 million Bitcoin (BTC) Following significant transfers over the past day, to various centralized crypto exchanges and market makers.

Data collected from blockchain analytics platforms Arkham Intelligence shows that these transfers involved several significant moves for major players in the crypto space. Kraken received 800 BTC, while a suspicious B2C2 Group address received 5,000 BTC.

107 BTC were sent to crypto investment firm Cumberland DRW, and 400 BTC went to an unknown address. Notably, the government also received 1,692 BTC from Bitstamp.

These transfers are part of an ongoing process that began last month, following the seizure of 50,000 BTC from the Movie2k piracy site in January. On Monday, more than 15,000 BTC were transferred to market makers and exchanges, a portion of which was later returned from Bitstamp, Coinbase, and Kraken.

Steven Zheng, Research Director the block, This suggests that the returned Bitcoins may not have been sold due to price cap restrictions. According to Arkham Intelligence data, the German government currently holds 22,846 BTC, worth about $1.3 billion.

Not everyone agrees on this

The decision to sell has been criticized, with Bundestag member Joanna Kotter urging the government to retain the funds as a strategic asset. Bitcoin’s current price is $57,341, unchanged over 24 hours but down 12% since the government began its transfer on June 18.

one of Recent X PostsKotter suggested that the ongoing sale of bitcoin by the German government is counterproductive. He wrote:

Instead of keeping Bitcoin as a strategic reserve currency, as is already being debated in the US, our government is selling it on a massive scale.

I have informed [minister-president of Saxony Michael Kretschmer, Free Democratic Party leader Christian Lindner and German Chancellor Olaf Scholz] About how this is not only futile but also counterproductive, and I have invited him to our lecture program with Samson Mow.

Kotar’s comments came after reports in early July that the German government Bitcoin worth $150 million transferred Immediately.