Bitcoin
German Government Moves $24M in Bitcoin to Kraken and Coinbase
The German Federal Criminal Police Office (BKA) has transferred $24 million worth of Bitcoin (BTC) to the crypto exchanges Kraken and Coinbase. This move is part of a series of significant transactions involving the BKA and large amounts of Bitcoin.
- The BKA transferred $24 million in Bitcoin to Kraken and Coinbase.
- An additional $30 million in BTC was moved to a new wallet.
- Previous transfers included $195 million in BTC sent to exchanges on June 19 and 20.
- The BKA seized nearly 50,000 BTC from the operators of Movie2k.to, a film piracy website.
Details of the Transfer
A wallet associated with the German Federal Criminal Police Office (BKA) moved $24 million in Bitcoin across two transactions to the crypto exchanges Kraken and Coinbase during European morning hours, according to Arkham data.
In addition to this, another $30 million worth of Bitcoin was transferred to a new wallet, which has not yet been identified as an exchange. These transactions follow previous transfers of $130 million in Bitcoin sent to exchanges on June 19 and $65 million on June 20.
Implications of the Transfer
According to Arkham CEO Miguel More, moving Bitcoin to exchanges may indicate an intention to sell the assets. However, a $24 million Bitcoin sale is relatively small in the grand scheme of things. Data from CoinGecko shows that over $40 billion worth of Bitcoin changed hands in the past 24 hours. There is sufficient liquidity for up to $20 million in a single Bitcoin trade on Binance alone, suggesting that this amount is unlikely to immediately impact prices.
Background on the Seized Bitcoin
The German Federal Criminal Police Office (BKA) seized nearly 50,000 BTC, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website that was active in 2013. The BKA received the Bitcoin in mid-January following a ‘voluntary transfer’ from the suspects.
The recent transfers by the BKA highlight the ongoing management and potential liquidation of seized assets. While the amounts involved in these transactions are significant, they represent a small fraction of the overall Bitcoin market, which continues to see high levels of trading activity.