Over the past seven days, data reveals that the German government has transferred 3,820 BTC to cryptocurrency exchanges, with around 2,165.49 BTC moved in the last eight hours.

German Government’s Bitcoin Transfers Cause Stir

A week ago, Bitcoin.com News reported that the German government’s wallet, containing bitcoins seized from a piracy website, held 47,179 BTC valued at $2.83 billion. Following several calculated transfers this week, the wallet’s balance has decreased to 43,359 BTC, now worth $2.71 billion. Notably, $95 million worth of BTC was moved on July 1.

Within a seven-hour period today, the address has offloaded 2,165.49 BTC worth $134 million through seven distinct transactions of varying amounts. The bitcoins were transferred to Coinbase, Flow Traders, and Kraken. Flow Traders has been an active market maker in the digital currency space since 2017.

The sudden and substantial transfers by the German government have sent ripples through the crypto community, sparking concerns about potential market impacts. These moves, totaling millions of dollars in bitcoin, have led to increased speculation and unease among investors and market watchers, underscoring the unpredictable nature of large BTC holders.

What do you think about the German police transferring thousands of bitcoins over the past week? Share your thoughts and opinions about this subject in the comments section below.

Source: news.bitcoin.com.