German government continues bitcoin transfers to crypto exchanges and entities
The German government once again moved bitcoin to Bitstamp, Kraken and Coinbase.
Right on schedule, a wallet controlled by a German government authority has transferred bitcoin to centralized exchanges Bitstamp, Kraken and Coinbase — as well as B2C2 Group and another address believed to be associated with an institution or OTC service.
The German government moved exactly 375 coins to Bitstamp, 375 coins to Kraken, and 375 coins to Coinbase — totaling 1125 bitcoin ($65.5 million). It also moved 1000 coins ($58.2 million) to a wallet identified by Arkham as belonging to B2C2 group. Finally, it moved 250 coins ($14.6 million) to a presumed OTC service to an institutional deposit address.
The latest moves follow yesterday's transfers of more than 10,853 coins (worth $637.7 million at the time) to the same or similar entities — though the German government received back 2422 coins ($142 million) last night. The returned bitcoins were presumably unsold as part of a sale agreement.
Overall, the transfers align with the German government's strategy to offload 50,000 confiscated bitcoins seized from the now-defunct film piracy website Movie2K in January — which German Bundestag and bitcoin advocate Joana Cotar criticized as "counterproductive."
The price of bitcoin is down less than 1% on the day, according to The Block's Bitcoin Price Page .
Editor's Note: This story is developing and may be updated with additional information.
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