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Thursday, July 25, 2024
BitcoinMajor Exchanges Return 1915 BTC to German Government

Major Exchanges Return 1915 BTC to German Government

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The German Government has recently received 1,915 BTC, equivalent to $111.5 million, from addresses connected to major cryptocurrency exchanges such as Kraken, Bitstamp, and Coinbase. This event has sparked considerable interest in the crypto market since the start of the month.

In a subsequent development, this morning, the German Government transferred 1,047.4 BTC out of their wallets, valued at $57.2 million. Of this amount, 547.4 BTC ($30.1 million) was allocated to Flow Traders. An additional 500 BTC ($27.1 million) was likely designated for institutional or over-the-counter services at 139Po, as reported by Arkham on Twitter.

Earlier, on July 2nd, the German Government executed a transfer of 832.7 Bitcoins, valued at approximately $52 million, with 282.7 BTC sent to major exchanges including Bitstamp, Coinbase, and Kraken.

On July 4th, the German Government made a significant move in the cryptocurrency market by transferring 3,000 Bitcoins, valued at around $174 million.

These strategic maneuvers have drawn attention, prompting Justin Sun, founder of Tron, to express interest in negotiating with the German Government through X, aiming to mitigate market impact. Sun proposed off-market transactions as a means to stabilize prices.

These recent actions underscore Germany’s active engagement in optimizing the use of digital assets. Receiving 1,915 BTC and subsequently transferring 1,047.4 BTC, with allocations to Flow Traders and potentially to institutional services at 139Po, highlights the government’s coordinated approach in managing significant cryptocurrency volumes. These initiatives demonstrate Germany’s adeptness in navigating the complexities of digital asset transactions with exchanges and institutional entities.

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