German government moves to move 6,500 BTC
The amount of digital assets held by governments around the world is a topic of interest to many people in the community. Most recently on June 19, a wallet labeled by Arkham as belonging to the German government was discovered transferring 6,500 BTC.
As reported in early February this year, German authorities confiscated 50,000 BTC worth $2.17 billion from pirated movie website Movie2k. This is the largest asset confiscation case in the country to date.
The BKA received the Bitcoin in mid-January after a ‘voluntary… pic.twitter.com/0kC5tOPq6e— Arkham (@ArkhamIntel) January 31, 2024
The German government wallet on June 19 made 4 transactions, with one withdrawal of 6,500 BTC worth more than 425 million USD to wallet B address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and another transaction of 2,500 BTC worth 154 million USD to address only.
Such actions make the community suspect that German authorities are selling some confiscated Bitcoins. If this conclusion is true, it is not too surprising because it is possible that public authorities need to sell crypto assets to raise cash to serve compensation work.
Previously, the US government sold 9,800 BTC, then moved $2.1 billion in Bitcoin in April, causing a stir in the community. The action had a large impact on the market, pushing BTC prices down.
The German government wallet currently still holds 43,359 BTC worth $2.83 billion. It is unclear whether this country's officials will continue to move or not.
