Crypto:
30601
Bitcoin:
$58.490
% 2.01
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.490
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

German Government Gets Back $141 Million in Bitcoin from Exchanges and Institutions

German Bitcoin

It was reported that the German government, which has made a name for itself with its recent Bitcoin sales, took back BTC worth $141 million. The German government took back 2442 Bitcoins late last night. Yesterday, more than 10,853 Bitcoins (worth $637.7 million at the time) were initially transferred out.

The German government wallet responsible for sending large amounts of Bitcoin to exchanges and market institutions received 2442 Bitcoins back from exchanges and institutions late last night.

According to data from Arkham, the wallet received 903 Bitcoins ($52.3 million) from crypto exchange Kraken. Additionally, 1,529 BTC ($88.6 million) inflows were seen from addresses not yet tagged by the on-chain analytics platform. The German government also received ten BTCs ($575,000) from Bitstamp.

Might interest you: Germany Continues to Sell Bitcoin: New Transfer of 5800 BTC

Yesterday, after a large amount of bitcoin outflow to exchanges and institutions, there were returns to the wallet controlled by German authorities. As The Block previously reported, more than 10,853 bitcoins (worth $637.7 million at the time) were transferred out yesterday.

As for the reason why bitcoins returned to the German government wallet after exiting, it is estimated that there may be “unsold bitcoins as part of a sales agreement between the crypto exchange and the country,” according to Steven Zheng, Research Director of The Block.

The latest transfers are in line with the German government’s strategy to sell 50,000 bitcoins seized from movie piracy site Movie2K, which went bankrupt in January.

German Bundestag member and bitcoin advocate Joana Cotar criticized the government’s decision to “hastily” sell its holdings of bitcoins instead of a comprehensive bitcoin strategy as “unproductive”.

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