Germany and US Governments Make Major Bitcoin and Ether Transfers
Summary:
Germany and the US governments are making significant transfers of their Bitcoin and Ether holdings, respectively. Germany moved 1,500 BTC ($95 million) across multiple exchanges, while the US moved 3,375 ETH ($11.75 million) to an undisclosed address. The German authorities have transferred a total of 2,700 BTC over the past two weeks and now hold 44,692 BTC. The US government also shifted funds seized from Estonian crypto entrepreneurs. These moves suggest strategic financial management by both countries and could signal intent to liquidate and change fund management techniques.
The governments of Germany and the United States (U.S.) are making headlines as they execute hefty transfers of cryptocurrency holdings. The German authorities are primarily moving Bitcoin (BTC), while their U.S. counterparts are focusing on Ether (ETH) transfers using seized assets. On the first day of July, Germany shifted approximately $95 million worth of BTC - 1,500 in total - across numerous cryptocurrency platforms. Simultaneously, the U.S. transferred $11.75 million worth of ETH, equal to 3,375 coins, to an undisclosed location.
Crypto onchain data provider, Arkham Intelligence, reveals that, over the last fortnight, the German government has moved 2,700 BTC to various platforms, including Bitstamp, Coinbase, and Kraken. With 44,692 BTC currently in possession, the German authorities hold around $2.82 billion in BTC. Of the most recent 1,500 BTC transfer by the Germans, 400 were directed to the earlier mentioned prominent crypto exchanges. Additionally, on June 26, a movement of 750 BTC was recorded, with Bitstamp and Kraken receiving 250.
As stated by Arkham Intelligence, the U.S. government is also making large-scale transactions. Specifically, they are moving funds that had been seized from Estonian crypto business people Potapenko and Turogin. On June 30, transfers amounted to about $743,000 through 11.84 BTC moved from another seized fund address. Following this, the U.S. transferred all its $11.75 million in ETH holdings to an unlinked address.
These recurrent transfers suggest both governmental bodies are strategically controlling their shared funds. The movement towards prominent exchanges might indicate that Germany is looking for liquidation. In contrast, the U.S. authorities moving funds to a new wallet could point to an alteration in ETH fund management.
The shifting tide of crypto regulation in Europe, particularly the newly approved Markets in Crypto-Assets (MiCA) by the European Union (EU), could shape Germany's crypto activity. MiCA, which will impact the management of stablecoins and crypto asset services, could significantly disrupt the crypto market alongside Germany's BTC transfers.
Published At
7/1/2024 12:44:10 PM
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