The German and United States governments moved over $100 million worth of Bitcoin early Monday, raising speculation about potential market impacts.
On Monday morning, wallets associated with the German government transferred approximately $94.94 million worth of Bitcoin (BTC) to various destinations, according to data from Arkham Intelligence. In total, 1,500 BTC were moved:
– 200 BTC to a Bitstamp account
– 100 BTC to a Coinbase account
– 100 BTC to a Kraken wallet
– The remaining 1,100 BTC were divided between two unknown wallets: 500 BTC to one, and 600 BTC to another.
This activity follows a series of recent significant token transfers by the German government. Germany, holding around $2.8 billion worth of seized BTC, began liquidating some of its supply last month, selling over $195 million worth of BTC within 24 hours, which caused BTC’s price to dip by about 3.5%.
Despite these movements, there were no immediate token sales, and BTC’s price remained stable, showing a 2% increase to $62,930 at the time of writing.
Simultaneously, the United States government also made significant crypto moves:
– Wallets associated with the U.S. government transferred **3,375 ETH** (worth $11.75 million) to an unknown address.
– Last week, the U.S. government moved **3,940 BTC** (worth $248 million) to a Coinbase Prime account. These funds were seized from Banmeet Singh, an Indian drug kingpin, as part of the largest-ever crypto and cash seizure by the U.S. Drug Enforcement Administration (DEA).
The U.S. government, the largest state holder of crypto globally, currently possesses more than $13.8 billion worth of digital assets, with over 97% of these holdings in Bitcoin.
The movement of substantial crypto assets by the German and U.S. governments has stirred the market, although it has not yet led to a significant price fluctuation. Market participants are closely monitoring these developments, as further actions by these governments could influence the crypto market dynamics.