- The German government moved around $94.94 million worth of Bitcoin (1,500 BTC) to various wallets, including exchanges like Bitstamp, Coinbase, and Kraken, as well as unknown wallets.
- The United States government moved 3,375 ETH worth around $1.175 million to an unknown address.
- The U.S. government currently holds more than $138 billion worth of crypto, with over 97% of those holdings in Bitcoin.
On Monday morning, wallets known to be associated with the German government moved some $94.94 million worth of BTC to several destinations, according to data from Arkham Intelligence.
In total, 1,500 BTC was moved. Many of the tokens were spread across accounts at major crypto exchanges:
- 200 BTC went to a Bitstamp account
- 100 BTC went to a Coinbase account
- Another 100 BTC was sent to a Kraken wallet
The remaining 1,100 BTC was split between two unknown wallets – 500 BTC sent to one and 600 BTC to another.
Recent German Government Bitcoin Activity
This morning’s activity marks the latest crypto-related movements for the German government, which has executed a flurry of token transfers over the last few weeks.
The German government is one of the largest state holders of crypto in the world, with some $28 billion worth of seized BTC in its possession.
Last month, Germany began liquidating that supply, selling off more than $195 million worth of BTC in a span of less than 24 hours. In short order, the sell pressure pushed BTC’s price down about 3.5%.
Today’s transfers don’t appear to have included any token sales. BTC’s price remained stable this morning, up a sturdy 2% to $62,930 at writing.
United States Government Moves Ethereum
The United States, handily the largest state holder of crypto in the world, also made crypto-related moves on Monday.
Wallets associated with the US government moved 3,375 ETH worth $1.175 million at writing to an unknown address.
Context on US Government Crypto Holdings
Last week, the US moved 3,940 BTC worth some $248 million to a Coinbase Prime account. According to Arkham, the funds were seized from Banmeet Singh, an Indian drug kingpin who sold narcotics for crypto on dark web marketplaces.
Singh pled guilty earlier this year as an element of his plea deal, he forfeited his crypto holdings to American authorities in the largest-ever crypto and cash seizure by the US Drug Enforcement Administration (DEA).
The American government currently holds more than $138 billion worth of crypto, according to Arkham. Over 97% of those holdings are in Bitcoin.
Conclusion
While today’s government transfers don’t appear to be sales, the recent history of both the US and German governments liquidating seized crypto suggests more volatility could be ahead if they continue dumping tokens onto exchanges. For now, the markets seem unfazed.
