Bitcoin Steady Above $57K as Germany Moves 6.3K BTC to Exchanges
The German government entity has moved hundreds of millions worth of BTC to exchanges in the past few weeks, contributing to selling pressure and bearish sentiment.
Jul 9, 2024 at 12:43 p.m. UTC:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LGQKZ5DYBFF6VNERQT72WLPL3E.jpg)
Bitcoin (BTC) held steady above the $57,000 mark in early U.S. hours Tuesday even as a German government entity moved an additional $360 million worth of the asset to various exchanges, Arkham data shows.
The government moved 6,600 bitcoin to crypto exchange Kraken, OTC service Cumberland and another address considered by Arkham to be an institutional trading service.
Earlier in the week, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses, spooking traders.
However, the entity received over $200 million from Kraken, Coinbase and Bitstamp back in early Asian morning hours, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market.
The BKA had seized almost 50,000 BTC in 2013 from the operators of Movie2k.to, a film piracy website. It received the asset in mid-January after a ‘voluntary transfer’ from the suspects.
Data shows BKA’s wallet sits on 40,000 BTC, worth $1.3 billion at current prices, as of Tuesday.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.