The German government just moved $438M in Bitcoin to exchanges from the 50,000 BTC seized from Movie2k.to operators, triggering selloff concerns.
The German government has transferred 6,500 Bitcoin tokens worth approximately $438 million worth of Bitcoin (BTC) to crypto exchanges. This move follows the seizure of these assets from the operators of the film piracy website Movie2k.to.
NEW: The German government has transferred approximately 6,500 #BTC ($438M) to exchanges
These #BTC were seized from the operators of the film piracy website https://t.co/2wjTZqUe2C pic.twitter.com/yfXWrpqu2U
— Simply Bitcoin (@SimplyBitcoinTV) June 19, 2024
Seizure and Transfer Details
Recall on January 31, Arkham reported the German Government’s presence on its platform, following the Federal Criminal Police Office’s (BKA) seizure of nearly 50,000 BTC from Movie2k.to operators.
These Bitcoin tokens, valued at approximately $2.12 billion at the time, were received by the BKA in mid-January after a voluntary transfer from the suspects. The BTC had been inactive since mid-January.
Portfolio and Market Analysis
As of the latest data, the German Government’s Bitcoin portfolio holds 47.859K BTC, valued at around $3.16 billion. The price of Bitcoin stood at $66,050 at the time of the snapshot.
This portfolio value has seen fluctuations, ranging from approximately $2.2 billion to $3.6 billion between February and June 2024. The movement of such a large amount of Bitcoin to exchanges typically signals an intention to sell, which could impact the direction of the market.
Global Bitcoin Holdings
It is crucial to note that the German government’s Bitcoin holdings are a part of the larger landscape of global government-held BTC. As of now, the United States leads with 207,189 BTC valued at $13.66 billion, followed by China with 194,000 BTC worth $12.79 billion.
The UK and Ukraine hold 61,000 BTC and 46,351 BTC, valued at $4.02 billion and $3.05 billion respectively. El Salvador, Finland, and Georgia hold smaller amounts, contributing to a total of 566,336 BTC held by various governments. This figure represents 2.697% of the total 21 million Bitcoins.
Ultimately, Bitcoin is priced at $65,584.72 with a 24-hour trading volume of $21.05 billion. This marks a 0.45% price increase in the last 24 hours but a 3.36% decline over the past week.
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