Germany’s federal criminal police office, BKA, has reportedly transferred 400 Bitcoin (BTC) to two well-known U.S.-based crypto exchanges, Kraken and Coinbase.
This move comes after a significant downward trend that resulted in the price of Bitcoin falling below $60,000 for the first time since late February.
According to data from Arkham Intelligence, the German agency-affiliated blockchain wallet sent the funds in two separate transactions to the exchanges, with each one containing 200 BTC ($12.22 million). These transactions took place today at exactly 7:38 (UTC).
The crypto community has been speculating about the reason behind this transfer, as such movements typically indicate that the owner intends to sell the coins for fiat currency or convert them to other tokens. However, it is difficult to verify what happens to the funds once they are sent to exchanges. This type of transaction is often seen as a bearish signal that could potentially impact the price of the asset.
Following the transfer to Coinbase and Kraken, the agency also moved an additional 500 BTC to an unmarked address. As of now, the German agency wallet holds 46,395 BTC, valued at $2.83 billion, and has lost $9.7 million in the past 24 hours.
This is not the first time that the wallet has transferred large amounts of BTC to exchanges. Last week, it sent 700 BTC to Coinbase in two separate transactions of 200 and 500 BTC, respectively. Additionally, on June 20, it moved another 800 BTC to an unknown wallet. Overall, the wallet has transferred 3,400 BTC, worth $207.87 million, while receiving 1,400 BTC in the same timeframe.
The potential sale of 400 BTC is believed to be one of the factors contributing to the recent decline in Bitcoin’s price. Other factors, such as the repayment of BTC from Mt. Gox, significant outflows from Bitcoin spot ETFs, and intense selling pressure from large holders, have also played a role in Bitcoin’s recent underperformance.
At the time of writing, Bitcoin is trading at $61,140, indicating a 0.18% decline in the past day. Notably, Bitcoin’s trading volume has increased by 42.3% in the past 24 hours to $37.51 billion.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed are those of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses.