A German government agency recently transferred $425 million in bitcoin to another wallet, with some of the funds being sent to crypto exchange deposit wallets. The transactional data revealed that deposits worth $32 million each were made to Kraken and Bitstamp, indicating potential intentions to sell the bitcoin.
The wallet address involved was previously linked to the German Federal Criminal Police Office (BKA) by Arkham data. The agency moved 6,500 BTC to a specific address and then back to its original wallet. Additionally, $32 million worth of bitcoin was deposited on both Kraken and Bitstamp.
According to Arkham CEO Miguel More, the entity transferred around $130 million in BTC to “service wallets,” suggesting a possible plan to sell the cryptocurrency in the near future. This movement was also highlighted by Mantle blockchain strategist @Defi_Maestro.
It’s worth noting that the BKA had previously seized nearly 50,000 BTC from the operators of a film piracy website in 2013. The agency received the bitcoin in January through a voluntary transfer from the suspects.
Overall, the recent actions by the German government agency indicate significant movements of bitcoin across wallets and crypto exchanges, potentially signaling upcoming sales of the cryptocurrency.
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Shaurya, the Deputy Managing Editor for the Data & Tokens team at CoinDesk, focuses on decentralized finance, markets, on-chain data, and governance across different blockchains. For more updates, you can follow @shauryamalwa on Twitter.
