German Government Offloads 4,750 BTC to Exchanges, Market Makers

IconCryptoNewsTerminal Staff10 Jul, 2024

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German Government Offloads 4,750 BTC to Exchanges, Market Makers

According to on-chain analytics firm SpotOnChain, a designated German government address has recently transferred a combined 4,750 bitcoin (BTC) to several exchanges and market makers. The government address reportedly sent 3,000 BTC (worth approximately $176.26 million) to Flowtraders, 1,000 BTC (worth approximately $58.65 million) to B2C2, 375 BTC (worth approximately $21.99 million) to Kraken, and 375 BTC (worth approximately $21.99 million) to Coinbase. It's important to note that the German government has been gradually selling its confiscated BTC holdings since 2019 as part of an effort to generate revenue and cover expenses. This recent transaction marks a continuation of the government's ongoing BTC liquidation strategy. As of now, the German government has sold a total of approximately 17,000 BTC out of the 17,816 BTC it seized from the darknet marketplace Silk Road in 2015. The government has reportedly generated over $1 billion from these sales.

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