|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
German Government Divests All Bitcoin Holdings, Concluding Process Begun in June
Jul 13, 2024 at 06:31 am
The German government has completely divested its Bitcoin holdings after 23 days of sales, concluding the process it began in late June, according to Arkham Intelligence data.
The German government has fully divested its Bitcoin (BTC) holdings after 23 days of sales, concluding a process that began in late June, according to data from Arkham Intelligence.
The government transferred the final batch of 3,846.05 BTC — valued at roughly $223.81 million at press time — to Flow Traders and 139Po, which are likely institutional deposit or over-the-counter (OTC) services, Arkham said.
The flagship cryptocurrency was trading at $57,656 as of press time, based on CryptoSlate data.
Seized Bitcoin
The divestment marks the end of the German government’s direct involvement in the crypto market, which began when it seized Bitcoin from the operators of Movie2k.to, a defunct piracy website.
Strategic liquidation of seized assets is not uncommon among governments. The United States has taken similar actions, auctioning off large amounts of cryptocurrency seized from illegal activities.
Coinbase Institutional reported that the Bundeskriminalamt (BKA), Germany’s federal criminal police office, began selling the seized Bitcoin in mid-June. These sales caused a rise in supply that affected the market, leading to fluctuations in Bitcoin prices.
Since June, police-operated wallets have been systematically transferring funds to various exchanges and OTC desks, as well as an unidentified address.
ETFs, whales accumulate
The timing of these German Bitcoin sales has coincided with significant inflows into US spot Bitcoin exchange-traded funds (ETFs). Over the most recent four trading sessions, the ETFs have absorbed approximately $801 million in BTC.
Additionally, a recent CryptoQuant report highlighted that whales have been aggressively purchasing the token at the fastest rate since April 2023, taking advantage of the lower prices resulting from Germany’s sell-off.
Arkham’s tracker now shows a zero balance for the German government’s Bitcoin holdings, marking a significant shift in the crypto landscape. The impact of this divestment on the market continues to unfold as institutional and individual investors react to the increased availability of Bitcoin.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- BitMEX Introduces CATIUSDT Perpetual Swap with Up to 50x Leverage
- Sep 23, 2024 at 02:25 pm
- BitMEX announces the listing of CATIUSDT perpetual swaps, offering traders up to 50x leverage starting September 23, 2024.
-
- Woolworths $2 Olympic coin errors: Royal Australian Mint responds after rare misprints emerge
- Sep 23, 2024 at 02:15 pm
- The Royal Australian Mint has responded after special-edition coins released for the Paris Olympic and Paralympic Games had unique errors on them.
-
- Hamster Kombat Review: Tap to Earn Game Similar To Notcoin
- Sep 23, 2024 at 02:15 pm
- Popular Telegram-based game Hamster Kombat informed its players that they would not be allowed to claim their full HMSTR token allocations on the day
-
- Ethena Labs Airdrop is Live — Act Fast!
- Sep 23, 2024 at 02:15 pm
- Who is Eligible for Ethena Labs Airdrop? Full Guideline
-
- Exclusive OPENSEA Airdrop — Don't Miss Out!
- Sep 23, 2024 at 02:15 pm
- How to review OPENSEA Airdrop Eligibility?
-
- Chaos Labs Gains Recognition for Its DeFi Risk Management Tools, Secures $55M Series A Funding Round
- Sep 23, 2024 at 02:15 pm
- New York-based Chaos Labs, founded in 2021, is gaining recognition for its suite of risk management tools designed specifically for the decentralized finance (DeFi) sector.
-
- Ripple's Legal Battle with the SEC Ended with Mixed Results, But the Fight Isn't Over
- Sep 23, 2024 at 02:15 pm
- Ripple settled the XRP security case for $25 million instead of $2 billion. While Ripple can operate abroad, U.S. institutions cannot buy XRP!
-
- Rexas Finance (RXS) Gains Traction as a Rising Star in the Blockchain Ecosystem
- Sep 23, 2024 at 02:15 pm
- Rexas Finance (RXS), a blockchain platform specializing in the tokenization of real-world assets (RWA), has been gaining considerable traction in the investment community.
-
- Bitcoin Price Extend Gains Above $63,500
- Sep 23, 2024 at 12:15 pm
- Bitcoin price extended its increase above the $62,500 level. BTC was able to clear the $62,800 and $63,200 resistance levels to move further into a positive zone.