The German and United States governments have garnered significant attention for moving millions of dollars worth of cryptocurrency holdings.
The German government has conducted substantial transfers of Bitcoin (BTC), while the U.S. government has transferred Ether (ETH) from seized funds.
On July 1, the German government moved 1,500 BTC, valued at around $95 million, to various crypto exchanges, while the U.S. government moved 3,375 ETH, worth $11.75 million, to an undisclosed address.
According to data from Arkham Intelligence, a crypto onchain data platform, the German government has moved 2,700 BTC to multiple exchanges over the past two weeks. These exchanges include Bitstamp, Coinbase, and Kraken. The German government currently holds 44,692 BTC, valued at approximately $2.82 billion.
In its most recent transfers, 400 of the 1,500 BTC were sent to the aforementioned major exchanges, while 750 BTC was transferred on June 26, with 250 going to Bitstamp and Kraken.
Arkham Intelligence data of recent German government crypto movements. Source: Arkham Intelligence
In terms of U.S. government ETH transfers, data from Arkham Intelligence reveals that the U.S. government has made significant transactions from the address holding funds seized from Estonian crypto entrepreneurs Potapenko and Turogin. After previously moving 11.84 BTC, worth about $743,000, on June 30 from another seized funds address, the U.S. government has since moved its entire $11.75 million in ETH holdings to a previously unassociated address.
Arkham Intelligence data of recent U.S. government crypto movements. Source: Arkham Intelligence
These recent frequent transfers by both governments indicate strategic management of the held funds, with Germany potentially considering liquidating its holdings on major exchanges. The U.S. government’s movement of funds to an unknown wallet could suggest a general shift in ETH fund management.
The Markets in Crypto-Assets Regulation (MiCA) recently adopted by the European Union could influence Germany’s crypto transfers. Expected to significantly impact the crypto market, MiCA is set to affect stablecoins and crypto asset services.
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