Following substantial crypto transfers by the German and United States governments have sparked considerable interest. The German government executed significant Bitcoin (BTC) transfers, while its U.S. counterpart moved Ether (ETH) from confiscated assets.
On July 1, the German government initiated the transfer of 1,500 BTC valued at approximately $95 million to various cryptocurrency exchanges, whereas the U.S. government transferred 3,375 ETH worth $11.75 million to an undisclosed destination.
The German government, as per data from the onchain analytics platform Arkham Intelligence, has executed transfers of 2,700 BTC to multiple exchanges within the past fortnight, including Bitstamp, Coinbase, and Kraken. Presently, the German government commands a holding of 44,692 BTC valued at around $2.82 billion.
In their most recent transactions, 400 BTC out of the 1,500 were sent to the aforementioned major exchanges, with 750 BTC transferred on June 26—250 of which went to Bitstamp and Kraken.
Arkham Intelligence data has showcased the movements of the German government in the crypto realm over the past four days.
Subsequently, the U.S. government has engaged in substantial transactions, particularly from the address housing funds confiscated from Estonian crypto entrepreneurs Potapenko and Turogin. Having previously moved 11.84 BTC equivalent to approximately $743,000 on June 30 from another seized funds address, the U.S. government later shifted its entire $11.75 million in ETH holdings to a previously unrelated address.
Arkham Intelligence data revealed the crypto movements of the U.S. government over the preceding two years.
These recurring transfers by both governments indicate a strategic approach to managing the held assets, with Germany contemplating potential liquidation of its holdings on major exchanges. The transfer of funds by the U.S. government to an undisclosed wallet hints at a broader restructuring in the management of ETH funds.
The recent endorsement of the Markets in Crypto-Assets Regulation (MiCA) by the European Union could have an impact on Germany’s crypto transfers. This regulation is anticipated to shake up the cryptocurrency market significantly by affecting stablecoins and crypto asset services alike.
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