The German government wallet, which is responsible for major Bitcoin transactions to exchanges and market entities, received 2,442 Bitcoins worth approximately $141 million late last night.
German Government Purchased $141 Million worth of Bitcoin from Exchanges and Legal Entities
According to data from Arkham, the government wallet saw an inflow of 903 Bitcoins ($52.3 million) from crypto exchange Kraken.
Additionally, 1,529 bitcoins ($88.6 million) were transferred from addresses currently untagged by the on-chain analysis platform. Another 10 Bitcoins ($575,000) were received from Bitstamp.
These inflows into the German government-controlled wallet follow a significant outflow of 10,853 bitcoins (worth $637.7 million at the time) to exchanges and organizations the previous day.
According to analyst Steven Zheng, the return of Bitcoins indicates that they were not sold as part of a sales agreement between the crypto exchange and the country.
This activity is in line with the German government's ongoing strategy to dispose of 50,000 confiscated Bitcoins seized from the now-defunct movie piracy website Movie2K in January.
The government's approach has drawn criticism, with German Bundestag member and Bitcoin advocate Joana Cotar calling the decision to hastily sell bitcoins without a comprehensive Bitcoin strategy “unproductive”.
*This is not investment advice.
