July 24, 2024
Latest Cryptocurrency News

German and U.S. Crypto Transfers Raise Eyebrows

On July 1, the German government, made significant crypto transfers, moving 1,500 BTC, valued at approximately $95 million, to various crypto exchanges. This move is part of a larger trend, with Germany transferring 2,700 BTC over the past two weeks. The exchanges involved include Bitstamp, Coinbase, and Kraken.

Arkham Intelligence data showing German government crypto transfers over the last four days. Source: Arkham Intelligence

Of the recent 1,500 BTC transfer, 400 BTC went to these major exchanges, while an additional 750 BTC was moved on June 26, with 250 BTC sent to Bitstamp and Kraken. Currently, Germany holds 44,692 BTC, worth around $2.82 billion.

U.S. Government Shifts Ether Holdings

Meanwhile, the U.S. government has also been active in the crypto market, moving 3,375 ETH, valued at $11.75 million, to an unknown address. This follows a recent transfer of 11.84 BTC, worth approximately $743,000, from a seized funds address.

Arkham Intelligence data showing U.S. government crypto transfers over the last two years. Source: Arkham Intelligence

These funds were seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin. The U.S. government’s transfer of its entire ETH holdings to a previously unassociated address suggests a strategic shift in fund management.

Potential Implications for the Crypto Market

These frequent transfers by both governments indicate a strategic approach to managing their crypto holdings. Germany’s actions suggest a potential liquidation strategy on major exchanges. On the other hand, the U.S. government’s movement of funds to an unknown wallet might indicate a new approach to managing ETH assets.

The recent adoption of the Markets in Crypto-Assets Regulation (MiCA) by the European Union could be influencing Germany’s crypto activities. MiCA, set to impact stablecoins and crypto asset services, is expected to bring significant changes to the crypto market. These regulatory shifts could be prompting governments to reassess and realign their crypto asset strategies.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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