Government Transfers Bitcoin to Exchanges
Since early June 2024, the German government has actively moved Bitcoin from its wallet to cryptocurrency exchanges.
Analysts Track Transactions
Arkham analysts detected a new wave of transactions involving confiscated Bitcoin from Germany’s reserves. Over the past day, more than 9,000 BTC (worth over $500 million) were withdrawn from the government’s wallet. On July 8, 5,200 BTC ($297.3 million) were sent to exchange addresses, including Kraken, Bitstamp, and Coinbase. A total of 16,000 BTC ($8.8 billion) has been transferred to exchanges so far.
Additional Transfers
Several thousand more Bitcoins were sent to two market-making companies, Flow Traders and Cumberland DRW, and some unidentified wallets. Arkham provides data on these wallet markings. No official statements about the Bitcoin sales have been made.
Remaining Reserves
Currently, the German government’s wallet holds 23,788 BTC, valued at $1.3 billion.
Confiscation vs. Purchase
While investors buy Bitcoin on the open market, governments often acquire it through confiscation. As a result, they have become major holders of the cryptocurrency.
Government Bitcoin Reserves
According to Bitcointreasuries, which tracks public information and official statements, states collectively hold about 560,700 BTC (over $32.2 billion).
Germany’s Confiscated Bitcoin
Germany became one of the largest Bitcoin-holding countries in early 2024. Law enforcement confiscated 50,000 coins linked to a pirate site violating copyright laws in 2013.
Recent Movements
According to Arkham, Germany started moving funds to various third-party wallets in June 2024. Since June 19, authorities have transferred over 24,000 BTC (approximately $1.44 billion).
