German, US govt’s move $150M in crypto
The German and United States governments have drawn significant attention after transferring millions of dollars of crypto holdings.
The German government has made substantial Bitcoin (BTC) transfers, while the U.S. government has transferred Ether (ETH) from seized funds.
On July 1, the German government moved 1,500 BTC worth roughly $95 million to multiple crypto exchanges, while the U.S. government moved 3,375 ETH worth $11.75 million to an unknown address.
Related: US gov’t among states with largest Bitcoin holdings — Arkham
German government BTC transfers
According to Arkham Intelligence data, a crypto onchain data platform, the German government has transferred 2,700 BTC to multiple exchanges over the last two weeks.
The exchanges include Bitstamp, Coinbase and Kraken. The German government currently holds 44,692 BTC worth approximately $2.82 billion.
In its latest transfers, 400 of the 1,500 BTC transferred were sent to the aforementioned major crypto exchanges, while 750 BTC was transferred on June 26 — 250 of that to Bitstamp and Kraken.
Related: Is Germany selling its BTC? Arkham-tagged wallet sparks curiosity
U.S. government ETH transfers
According to Arkham intelligence data, the U.S. government has made large transactions, specifically the address holding funds seized from Estonian crypto entrepreneurs Potapenko and Turogin.
Previously moving 11.84 BTC worth around $743,000 on June 30 from another seized funds address, the U.S. government has since moved its entire $11.75 million in ETH holdings to a previously unassociated address.
Related: 4-week correction for Bitcoin? Mt. Gox, Germany gov't add sell-pressure
Analysis and impact
These frequent recent transfers by both governments suggest strategic management of the held funds, with Germany potentially looking to liquidate its holdings on major exchanges.
The U.S. government’s movement of funds to an unknown wallet could suggest a general shift in ETH fund management.
The Markets in Crypto-Assets Regulation (MiCA) recently adopted by the European Union could influence Germany’s crypto transfers.
Set to affect stablecoins and crypto asset services alike, MiCA is expected to shake up the crypto market substantially.
Magazine: VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23-29
