German Government Deposits $313 Million Worth of BTC to Exchanges in 24 Hours

IconCryptoNewsTerminal Staff08 Jul, 2024

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German Government Deposits $313 Million Worth of BTC to Exchanges in 24 Hours

The German government has reportedly deposited a total of 3,200 BTC to three exchanges: Kraken, Bitstamp, and Coinbase, 25 minutes ago. By exchange, the breakdown is as follows: Kraken received 900 BTC ($51.36 million), Bitstamp received 1,400 BTC ($79.90 million), and Coinbase received 900 BTC ($51.36 million). In the last 24 hours, the German government has reportedly deposited a total of 5,650 BTC to exchanges. The address in question has also transferred large amounts of BTC to market makers such as Flow Traders and anonymous addresses today. The German government's recent deposits to exchanges have sparked speculation about the country's plans for its Bitcoin holdings. Some believe that the government is preparing to sell its Bitcoin, while others believe that it is simply moving its Bitcoin to more secure storage. Whatever the government's plans are, its recent deposits to exchanges are sure to have a significant impact on the Bitcoin market.

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