German and US Governments Transfer $150M in Cryptocurrency

Jimmy Aki
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On July 1, the latest German crypto transfer hit market headlines through the disbursement of $95 million worth of Bitcoin to several exchanges. The latest moves come amid the transfer of $11.75M worth of Ether by the US government, which has dipqued the interest of market observers.

Depth Insights into German Crypto Transfers

Arkham’s data reveals a significant crypto transaction by the German government. They transferred 1,500 BTC ($95 million) to Bitstamp and Kraken.

This follows a previous transfer of 250 BTC ($15.4 million) to Kraken and Coinbase on June 26. In total, Germany has moved 2,700 BTC to exchanges in two weeks.

 

German Crypto transfer
German Govt has 44.69K BTC in reserve

The Bitcoin involved in these transactions originated from a major seizure in 2013, when the BKA confiscated nearly 50,000 Bitcoin, worth over $2 billion at the time, from operators of Movie2k.to, a notorious film piracy website.

Meanwhile, these developments in Germany echo actions taken by the US government, which also conducted notable cryptocurrency transfers from the address holding funds confiscated from Estonian crypto entrepreneurs Potapenko and Turogin.

Last month, the US government moved 11.84 BTC, valued at approximately $743,000, and transferred its entire 3,375 ETH worth $11.75 million to a new address.

In a separate transaction, the US government transferred 3,940 Bitcoin to Coinbase Prime, an institutional trading platform.

German Crypto transfer
US Govt sent 3,940 BTC to Coinbase Prime

These Bitcoins were originally seized from Banmeet Singh, a convicted drug trafficker, in 2024. Singh had forfeited over 8,100 Bitcoin.

German and US Govt Crypto Transfers Draws Market Attention

Germany retains a significant Bitcoin reserve of 44,692 BTC valued at $2.79 billion, despite recent transfers. However, the US government remains the world’s largest holder of Bitcoin, with 213.53K BTC valued at over $13.8 billion. 

Market observers believe the German and US govt crypto transfers are likely to impact both the cryptocurrency markets and regulatory perceptions.

These actions could potentially influence market sentiment, leading to fluctuations in Bitcoin and Ethereum prices as large quantities of these assets enter exchanges.

Crypto enthusiast Hawk of Crypto predicts a possible correction in the Bitcoin chart soon.

However, he points out that prevailing tailwinds, including reduced sell pressure from miners and a reversal in M2 money supply trends, indicate robust momentum leading into the second half of 2024, suggesting a potentially substantial market upturn ahead.

Hawk of Crypto’s analysis suggests that while there may be a short-term correction in Bitcoin’s price chart, ongoing factors such as diminished sell pressure from miners and a reversal in M2 money supply dynamics are creating favorable conditions for a strong market performance in the latter half of 2024.

These indicators imply that Bitcoin could experience an impressive rally in the coming months, just as Robert Kiyosaki predicted Bitcoin price to hit $100K by September 2024 while calling for increased investment.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.