Bitcoin Sell-Off: Germany’s BKA Manages $193M In Seized Crypto

The German Federal Criminal Police (BKA) keeps selling the Bitcoin they took from criminals. Yesterday, they moved $94 million worth to different exchanges. Today, they sent another $17.6 million to Coinbase, Bitstamp, and Kraken. This is part of a more significant sell-off that started last month after they took 50,000 Bitcoin from a closed piracy website in January.

On July 2, BKA wallets, identified by on-chain analytics firm Arkham, the BKA sent 100 Bitcoin ($6.2 million) to Coinbase. 150 Bitcoin ($9.4 million) to Bitstamp. 32.74 BTC ($2 million) to Kraken. So far, they’ve sold about $193 million worth of Bitcoin. They also sent $251 million to an unknown address called “139Po,” which might be another exchange.

The BKA keeps sending Bitcoin to this “139Po” address, but we don’t know why. It could be another exchange helping them sell, but we can’t be sure without more information from the government.

Germany has different plans for the seized BTC. They’re selling some but also repurchasing some. On June 26, they sent $21.2 million worth to a company to sell. But on June 27, they bought $29.2 million worth from various exchanges. Before that, they bought another $25.6 million worth.

Germany Still Holds A Lot Of Bitcoin

Despite selling so much, Germany still has $ 43,859 BTC worth $2.7 billion. This makes them one of the biggest Bitcoin holders among countries after the United States, China, and the United Kingdom.

While Germany has been selling, Bitcoin’s price has changed a little. Since they started selling on June 18, Bitcoin’s price has increased by 0.15% to $62,737. We don’t know if Germany’s sales are affecting the price much, but it’s something to consider when looking at the market.

The German government’s actions show they’re actively managing their seized Bitcoin. They’re selling large amounts but repurchasing some, suggesting a complex strategy. As they continue to sell, the crypto market will watch how it affects Bitcoin’s price.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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