A German government agency has transferred $425 million worth of bitcoin (BTC) to a different wallet address. Data from Arkham Intelligence shows the transactions, which included deposits to crypto exchanges and returns to the original wallet.
Details of the Bitcoin Movement
The wallet address, identified by Arkham as belonging to the German Federal Criminal Police Office (BKA), moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” before transferring some back to itself. Transaction data reveals that $32 million worth of bitcoin was deposited on the crypto exchanges Kraken and Bitstamp.
Arkham CEO Miguel More informed CoinDesk over Telegram that the entity appeared to have moved $130 million in BTC to “service wallets,” indicating a likely intention to sell soon.
Background of the Seized Bitcoin
The BKA seized nearly 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a film piracy website active in 2013. The BKA received the bitcoin in mid-January following a “voluntary transfer” from the suspects, according to Arkham.
Industry Reactions
The movement of such a substantial amount of bitcoin has raised eyebrows in the crypto community. Mantle blockchain strategist @Defi_Maestro highlighted the transactions on X, prompting discussions about the potential market impact.
Speculation and Market Implications
The transfer of $130 million in BTC to service wallets suggests the BKA may be preparing to liquidate a portion of its holdings. This has led to speculation about the potential market effects, especially considering the recent volatility in cryptocurrency prices.
