of German The government has transferred yet another portion of its vast Bitcoin reserves to exchanges.
according to Blockchain DataThe German Federal Criminal Office (BKA) moved around $75 million worth of Bitcoin in multiple transactions on July 4. The funds were spread across exchanges including Coinbase, Kraken and Bitstamp.
This comes after the government moved around $315 million worth of Bitcoin to various platforms. Mid-June onwardsGermany sold $390 million worth of Bitcoin in less than a month.
In 2013, the BKA seized around 50,000 bitcoins linked to the former operators of the movie piracy site Movie2K. The deposit is estimated to be worth $2.3 billion at today’s prices.
A steady influx of Bitcoin onto exchanges suggests Germany may be planning to sell some of its reserves, raising concerns about the impact this could have on Bitcoin’s market price, which has fallen below $58,000 this week.
But the amount transferred so far represents a relatively small portion of BKA’s vast bitcoin holdings: the latest developments suggest Germany still holds around 40,000 bitcoin.
The sale is U.S. Government The US has also been holding bitcoin seized in criminal cases in recent weeks, raising concerns that it may be selling off its reserves.
Liquidation is carried out by creditors Repayment from Mt. Gox The 2014 collapse is expected to begin in July, the timing of which could increase selling pressure on Bitcoin.
But supporters argue that the amount represents only a fraction of Bitcoin’s daily trading volume.
