{"id":82012,"date":"2024-06-20T14:47:57","date_gmt":"2024-06-20T18:47:57","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82012"},"modified":"2024-06-20T14:49:25","modified_gmt":"2024-06-20T18:49:25","slug":"german-government-transferred-200-bitcoin-to-coinbase","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/german-government-transferred-200-bitcoin-to-coinbase\/","title":{"rendered":"German Government Transferred 200 Bitcoin To Coinbase"},"content":{"rendered":"\n

Germany continues to move Bitcoin to selloff positions, with the latest 200 BTC sent to the Coinbase<\/a> exchange.<\/p>\n\n\n\n

\"German<\/figure>\n\n\n\n

Arkham Intelligence\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> has identified a sequence of Bitcoin (BTC) transfers from a German government account to several prominent exchanges in less than 48 hours.<\/p>\n\n\n\n

Germany\u2019s Bitcoin Transfers Raising Concerns<\/h2>\n\n\n\n

The German government transferred 200 Bitcoin (BTC) to the American cryptocurrency exchange Coinbase at approximately 21:17 UTC+8 on June 20, according to the blockchain analytics platform.<\/p>\n\n\n\n

At the time, the worth of these assets was approximately $65 million.<\/p>\n\n\n\n

Notably,\u00a0Bitcoin was trading at $64,916.31 at the time of this writing, representing a 0.06% decrease.<\/p>\n\n\n\n

\n

UPDATE: German Government Still Selling BTC > $195M So Far.

In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase.

The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including\u2026 pic.twitter.com\/in2urlDBE0<\/use><\/svg><\/span><\/a><\/p>— Arkham (@arkham) June 20, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Arkham Intelligence reported a transfer of 500 BTC to Kraken<\/a> and Bitstamp at approximately 16:47 UTC+8 the day before.<\/p>\n\n\n\n

This transfer of 1000 BTC was valued at approximately $65.24 million.<\/p>\n\n\n\n

According to Arkham, the total amount of Bitcoin transmitted to the two crypto exchanges and Coinbase was approximately 1,500 by the end of the day.<\/p>\n\n\n\n

Meanwhile, the German government holds a total of 47.859k BTC, worth $3.1 billion, in its wallet following the initial transfer on Wednesday.<\/p>\n\n\n\n

At present, the German government portfolio is valued at $3.04 billion and contains only 46,859 BTC.<\/p>\n\n\n\n

Miguel More, CEO of Arkham, believes that the nature of the transfers indicates a potential intention to sell the Bitcoin soon, although the reason for these transfers is not yet clear.<\/p>\n\n\n\n

If this is the case, it could potentially serve as a complement to the substantial outflows that spot Bitcoin ETFs have experienced in recent months.<\/p>\n\n\n\n

Ethereum Prepares for Price Recovery<\/h2>\n\n\n\n

In addition, one X user believes that the country may be converting its Bitcoin into Ethereum (ETH).<\/p>\n\n\n\n

Although this is uncertain, it is important to acknowledge that Ethereum has captured the attention of investors in recent months, particularly in light of the United States Securities and Exchange Commission's sudden decision to discontinue its months-long investigations into the coin.<\/p>\n\n\n\n

For an extended period, Ethereum was classified as “security,”  imposed by the U.S. Securities and Exchange Commission.<\/p>\n\n\n\n

SEC Chairman Gary Gensler consistently pursued the opportunity to classify the second-largest cryptocurrency as a security, as opposed to a commodity, like Bitcoin.<\/p>\n\n\n\n

Unfortunately, this tag had a significant impact on Ethereum, nearly halting the launch of spot Ethereum ETFs.<\/p>\n\n\n\n

The listing of unregistered ETH securities by a few crypto exchanges that trade Ethereum was accused of violating federal securities law.<\/p>\n\n\n\n

The regulator's approval of 8 spot Ethereum ETFs<\/a> on May 23\u00a0hinted to the broader crypto community that the SEC may be reconsidering its stance on the underlying digital asset.<\/p>\n\n\n\n

The Ethereum investigation's dismissal further implies that the commission's relentless pursuit of crypto firms is progressively diminishing.<\/p>\n","protected":false},"excerpt":{"rendered":"

Germany continues to move Bitcoin to selloff positions, with the latest 200 BTC sent to the Coinbase exchange. Arkham Intelligence has identified a sequence of Bitcoin (BTC) transfers from a German government account to several prominent exchanges in less than 48 hours. Germany\u2019s Bitcoin Transfers Raising Concerns The German government transferred 200 Bitcoin (BTC) to […]<\/p>\n","protected":false},"author":56,"featured_media":82023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,128,711],"class_list":["post-82012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-ethereum","tag-germany"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/German-Government-Transferred-200-Bitcoin-To-Coinbase.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82012"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82023"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}