A cryptocurrency wallet associated with the German Government (BKA) has recently sold $52 million worth of Bitcoin, leading to speculation that the government is offloading its substantial BTC holdings.
On July 2, the wallet linked to the German government made four separate Bitcoin (BTC) transactions, transferring a total of 832.7 BTC. According to data from Arkham Intelligence, the wallet sent 100 BTC to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to Kraken. The majority of the Bitcoin, 550 BTC valued at over $32 million, was sent to the wallet “139Po,” which has previously received funds from the German government, including 500 BTC on June 25 and 800 BTC on June 20.
Tracking the sales patterns of large Bitcoin holders can provide investors with important insights into Bitcoin’s price movements, as significant sell orders can exert downward pressure on the price.
The BKA-labeled wallet, which holds more than 43,850 BTC valued at over $2.75 billion, could potentially impact Bitcoin’s price due to the prospect of increased selling pressure. The price of Bitcoin has been in decline since the start of June, dropping by over 7.3% in the past month. However, it has found support at the $61,500 level.
The German government transferring the Bitcoin to centralized exchanges suggests that it may be seeking to sell its holdings. Cointelegraph has reached out to Germany’s Federal Criminal Police Office (BKA) for comment.
The wallet linked to the German government first raised suspicions of potential Bitcoin sales on June 19, when it executed a transfer of 6,500 BTC worth over $425 million. Prior to this transfer, the wallet had held nearly 50,000 BTC since February 2024, which are believed to have been seized from the operator of the pirate movie website Movie2k.