German Authorities Move Millions in Bitcoin to Kraken and Coinbase: BTC Stays Steady
According to the latest data from Arkham Intelligence, the wallet belonging to the German Government (BKA) has moved over $54 million worth of Bitcoin.
Key points:
- German government wallet moved 900 BTC in three separate transactions on June 25.
- 200 BTC sent to Coinbase, 200 BTC to Kraken, and 500 BTC to an unknown wallet “139Po”.
- The wallet still holds 46,359 Bitcoin, valued at approximately $2.8 billion.
- Previous large transfers were made to wallet “139Po” on June 19 and 20.
- Bitcoin’s price has been in a downtrend for the past few days.
The transactions happened in a series of three transactions on June 25. 200 Bitcoin each were sent to cryptocurrency exchanges Coinbase and Kraken.
Additionally, 500 BTC, worth over $30 million, was transferred to an unidentified wallet labeled “139Po.”
Also read: Mt. Gox To Start Bitcoin And Bitcoin Cash Repayments In July
Bitcoin price remains steady despite the outflow
This is not the first Bitcoin transaction between the German government wallet and the “139Po” address. Similar large transfers were made to this wallet on June 19 and 20, totaling 1,300 BTC.
Despite these outflows, the German government-labeled wallet still holds 46,359 BTC.
The transactions are happening at a time when the price of Bitcoin has been in a downtrend in the past few days. BTC price suffered a temporary drop when the Mt. Gox BTC distribution hit the market.
Even thought the price recovered slightly, BTC once again fell as low as $59,495 yesterday. However, the entire crypto market seems to be relatively stable with major altcoins showing slight recovery.
