German Government Deposited Millions in BTC to Major Exchanges

IconCryptoNewsTerminal Staff08 Jul, 2024

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German Government Deposited Millions in BTC to Major Exchanges

According to blockchain analytics firm Arkham Intelligence (ARKM), an address associated with the German government deposited a total of 1,200 BTC (worth approximately $68.76 million) across multiple exchanges 25 minutes ago. The deposits were distributed as follows: 200 BTC to Kraken 600 BTC to Coinbase * 400 BTC to Bitstamp The same address also transferred 700 BTC (worth approximately $40.11 million) to an address associated with cryptocurrency market maker Flow Traders. This significant transaction highlights the growing adoption of cryptocurrencies by governments and financial institutions worldwide.