bitcoin exchanges
German Government Moves Millions More in Bitcoin to Exchanges
Published
4 days agoon
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The German Federal Criminal Police Office (BKA) on Monday transferred an additional 1,500 Bitcoin, valued at nearly $95 million, to multiple crypto exchanges, including Bitstamp, Coinbase, and Kraken.
JUST IN: 🇩🇪 German Government sends another 1,500 #Bitcoin worth $95 million to exchanges 👀 pic.twitter.com/AZqs0UFWei
— Bitcoin Magazine (@BitcoinMagazine) July 1, 2024
This follows a series of transactions since June 19, where the German government has moved Bitcoin worth approximately $220 million to various exchanges, according to data from Arkham.
The German government first acquired these Bitcoin after a large-scale seizure in 2013. The BKA confiscated almost 50,000 Bitcoin, then valued at over $2 billion, from the operators of Movie2k.to, a notorious film piracy website active during that period.
These movements suggest a potential intention by the German authorities to liquidate some of the Bitcoin in the crackdown.
This move by Germany mirrors recent actions by the U.S. government, which also transferred millions of dollars in Bitcoin to exchanges, potentially signalling their intention to sell. In both cases, the transfers have sparked significant speculation within the Bitcoin community about the potential impact on Bitcoin’s market price.
Despite the substantial movements, most of the seized Bitcoin remains under the German government’s control. Almost 44,692 Bitcoin, worth approximately $2.82 billion, are still held in government wallets. This means that the recent transfers, while notable, represent a relatively small portion of the total holdings.
As the situation unfolds, how the Bitcoin market will react to these government-initiated movements remains to be seen.
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German Government Moves Over $75 Million in Bitcoin to Exchanges
Published
1 day agoon
July 4, 2024By
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The German government has transferred another chunk of its massive Bitcoin reserves to exchanges.
According to blockchain data, the German Federal Criminal Police Office (BKA) moved roughly $75 million worth of Bitcoin across multiple transactions on July 4th. The funds were spread across exchanges, including Coinbase, Kraken, and Bitstamp.
This comes after the government shifted around $315 million in bitcoin to various platforms since mid-June. Germany has offloaded over $390 million in Bitcoin in under a month.
In 2013, the BKA seized nearly 50,000 bitcoin linked to the former operator of the film piracy website Movie2K. The stash is estimated to be worth $2.3 billion at today’s prices.
The steady flow of bitcoin to exchanges signals Germany’s potential plans to liquidate portions of its reserves. This has sparked fears of impacts on Bitcoin’s market price, which dipped below $58,000 this week.
However, the amounts transferred so far make up a relatively small share of the BKA’s massive Bitcoin trove. After the latest movements, Germany still holds around 40,000 Bitcoin.
The sales mirror similar transfers by the U.S. government in recent weeks. America also holds Bitcoin confiscated from criminal cases, prompting concerns it may be selling reserves.
The liquidations come as creditor repayments from Mt. Gox’s 2014 collapse appear set to begin in July. The timing threatens to compound selling pressure on Bitcoin.
However, proponents argue the amounts equate to a tiny fraction of daily Bitcoin trading volumes.
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Bitcoin
Bitcoin Whales Remove A Staggering $2.3 Billion From Exchanges, Is It Time To Buy?
Published
3 months agoon
March 25, 2024By
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Bitcoin whales have been very active in the past few days as the crypto continues to trade below $68,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets. These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead.
According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred $2.3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately $1.60 billion had been transferred into accumulation addresses.
Bitcoin Whale Accumulation Signal Price Surge Ahead
Bitcoin has largely traded below $69,000 since March 15, struggling to regain the momentum that saw it shooting past $70,000 earlier in the month. Interestingly, Bitcoin fell to as low as $61,766 last week, representing a 16% decline from its all-time high.
Meanwhile, Spot Bitcoin ETFs saw consistent outflows throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC might finally be coming to an end.
However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million from Coinbase into a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase into another new private wallet. Interestingly, the different alerts from the whale tracker added up to $2.3 billion worth of BTC to and from crypto exchanges on March 22.
Analyst Ali Martinez noted that these transfers added up to $1.6 billion being added into accumulation addresses, the largest inflow so far this year.
Yesterday, over 25,000 #Bitcoin, valued at approximately $1.60 billion, were transferred to accumulation addresses, marking the highest inflow to these $BTC wallets so far this year! pic.twitter.com/mAIHkG9ROC
— Ali (@ali_charts) March 23, 2024
According to CryptoQuant data, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC.
Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, making it an ideal time for investors to position themselves in the market.
At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks above this resistance level, it could continue surging higher with the accumulation trend.
BTC price at $67,000 | Source: BTCUSD on Tradingview.com
Featured image from GoBankingRates, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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