German government transfers over $915 million in BTC within 24 hours

The German government has kept Bitcoin traders on edge with a significant movement of BTC within the past 24 hours. Arkham reports that the government decided to transfer more than 16,000 BTC, valued at over $915 million.

Initially, Arkham observed the German government moving hundreds of millions of dollars in BTC to various addresses, primarily belonging to crypto exchanges and market makers. They described the activity as follows:

“Today, the German government sent 2,738.7 BTC ($155.3 million) to probable exchanges/market makers, including Kraken, Cumberland, 139Po (likely a deposit for institutional/over-the-counter services), and address bc1qu.”

In an update, Arkham reported that the government then moved 8,100 BTC, valued at $463.2 million, to the wallets of crypto exchanges Kraken, Bitstamp, and Coinbase, as well as market maker Flow Traders.

Another update from Arkham revealed that the government transferred 5,200 BTC, worth $297.3 million, to Kraken, Bitstamp, Coinbase, and 139Po.

According to Arkham, the government still holds 28,988 BTC, valued at approximately $1.66 billion. This has raised concerns among some in the crypto market. However, Dutch quantitative analyst PlanB reassured his 1.9 million followers on X that he is not worried about the German government’s selling pressure. He stated:

“Yes, the German government is selling 50,000 BTC… and Mt.Gox is returning 142,000 BTC to investors (some may sell)… But I see nothing in the data that indicates structural weakness in the Bitcoin markets.”