Major Government-Linked Bitcoin Transfers Trigger Withdrawals on Exchanges

IconCryptoNewsTerminal Staff05 Jul, 2024

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Major Government-Linked Bitcoin Transfers Trigger Withdrawals on Exchanges

Blockchain analytics firm Arkham Intelligence has revealed that an address believed to be linked to the German government received a significant amount of Bitcoin before transferring it to other addresses. The address received 1,915 BTC (approximately $111.5 million) from exchange-affiliated addresses on platforms like Kraken, Bitstamp, and Coinbase. The day after, it transferred 1,047.4 BTC (approximately $57.2 million) in two separate transactions to Flowtraders and the anonymous "139Po" address. Arkham Intelligence noted that the 500 BTC (approximately $27.1 million) sent to the 139Po address is likely a deposit for an institutional investor or an over-the-counter (OTC) trade. This news follows reports of other large Bitcoin transfers linked to government entities, sparking speculation about the potential impact of increased institutional involvement in the cryptocurrency market.

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