German Government Moves $344M in Bitcoin to CEX and OTC Desks

This post was originally published on Coinspeaker

Analytics platform Spot On Chain earlier speculated about a potential shift towards OTC sales for the German government’s Bitcoin dump.

The German government has resumed the transfer of Bitcoin (BTC) to cryptocurrency exchanges and Over-the-Counter (OTC) trading desks. According to blockchain analytics platform Arkham Intelligence, crypto wallets linked with the German government transferred approximately $344 million worth of BTC. These numerous transfers are still a source of concern to investors and the broader crypto market.

German Government Holds $1B in Bitcoin

For context, about $73 million worth of this Bitcoin went to centralized exchanges with Kraken receiving as much as $44 million while Coinbase Global Inc (NASDAQ: COIN) got $39 million in BTC.

Another $98 million was sent to crypto trading firms amongst which is Amsterdam’s Flow Traders and Chicago’s Cumberland DRW. The former received $66 million in two transactions while the latter bagged $31.5 million.

There is also an unidentified wallet that received $132 million from the German government in two transactions. Noteworthy, this will not be the first time that most of these wallet addresses are receiving Bitcoin from the German government. Reports have it that this week alone, the said government has moved almost $1.3 billion

Read the rest of this post, which was originally published on Coinspeaker.

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