German BKA transfers more Bitcoin to exchanges such as Kraken and Bitstamp

• The German government transferred 250 Bitcoins worth approx. $15.4 million in Kraken and Bitstamp on June 26.
• The government transferred a total of $150 million in BTC to various addresses.
• German government BTC transfers and Mt. Gox refunds put pressure on Bitcoin price.

The German Federal Criminal Police Office (BKA) made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

These moves have sparked widespread market speculation and concerns about their potential impact on the price of Bitcoin.

Recent Bitcoin Transfers by the German Government

On June 26, a wallet allegedly controlled by the BKA transferred 750 BTC, worth $46.35 million, to different addresses, marking another example of German government involvement in Bitcoin transactions.

These transfers are part of a wider series of activities following the seizure of 50,000 BTC from movie piracy site Movie2k in January.

According to Lookonchain, German authorities sent 250 BTC, worth $15.41 million, to Bitstamp and Kraken. Additionally, they transferred 500 BTC, worth $30.9 million, to an unidentified address called “139Po,” which is potentially another exchange.

Today’s transfers come just a day after German authorities transferred 400 BTC, worth $24.3 million, to Coinbase and Kraken on June 25.

This activity is part of a broader trend seen over the past week, with the German government moving approximately $150 million in seized Bitcoin to known exchange addresses, in addition to the $147 million sent to the address “139Po”.

Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

Earlier in June, German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

Potential impact on the crypto market

The massive bitcoin movements carried out by the German government have had a notable effect on the market.

Notably, the price of Bitcoin fell by around 6% during this period, reflecting market reactions to these large transfers.

Analysts fear that the government’s liquidation of seized Bitcoin could push the price of Bitcoin below the critical threshold of $60,000. Recent market trends support this view, as Bitcoin saw a decline of 11% on the monthly chart and over 6% on the weekly chart, with its price rising to $61,065 per coin at the time of trading. writing.

Willy Woo, Market Analyst suggests that Bitcoin could go through a correction phase lasting up to four weeks before resuming its price rise. He highlights the possibility of a “cooling off” period in Bitcoin price action. Additionally, there could be additional selling pressure in July as Mt. Gox plans to distribute redemptions in Bitcoin and…