The German and United States administrations have attracted considerable interest by moving large amounts of cryptocurrency assets. From confiscated funds, the German government has acquired a significant amount of Bitcoin (BTC). Specifically, on July 1, the German government transferred 1,500 BTC valued at around $95 million to various crypto exchanges, while the U.S. government sent 3,375 ETH amounting to $11.75 million to an undisclosed destination.
Arkham Intelligence's data reveals that within the past two weeks, the German government has moved 2,700 BTC to various exchanges such as Bitstamp, Coinbase, and Kraken. Currently, the German government possesses 44,692 BTC valued at around $2.82 billion.
Among the most recent transactions, 400 out of the 1,500 BTC transferred were directed to the major crypto exchanges mentioned earlier, with an additional 750 BTC transferred on June 26. Out of this, 250 BTC went to Bitstamp and Kraken. Based on information from Arkham intelligence, significant transactions have been made by the U.S. government, particularly involving funds seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin.
The repeated transfers made by both governments indicate a deliberate handling of the funds in question, with Germany possibly planning to sell off its assets on prominent exchanges. The transfer of funds by the U.S. government to an undisclosed wallet may imply a broader change in the management of ETH funds.
Vijay Pravin, CEO of bitsCrunch, told Cointelegraph that the BTC price has dropped by 6% following the initiation of government transactions.
“I think it is the market waking up to potential downside risk. There’s caution in the air among investors that large-scale disposals by the German and U.S. governments could potentially trigger a more pronounced downturn in Bitcoin’s price. If that happens, we could see a higher selling pressure and increased volatility.”
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