Crypto NewsBitcoinGerman Government Changed Decision After Bitcoin Sales! Withdrawn Bitcoin from Stock Exchanges!...

German Government Changed Decision After Bitcoin Sales! Withdrawn Bitcoin from Stock Exchanges! Here are the Details

The German government wallet received 2,442 Bitcoin (BTC) worth approximately $141 million late last night.

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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.

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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.

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