German Government Transfers $24M in Bitcoin to Major Crypto Exchanges

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According to data from Arkham, a wallet linked to the German Federal Criminal Police Office (BKA) has recently transferred $24 million in Bitcoin through two separate transactions to European crypto exchanges Kraken and Coinbase.

Additionally, an additional $30 million worth of BTC was moved to a new wallet, which has not been identified as an exchange as of Tuesday.

These transfers come after $130 million in BTC was sent to exchanges on June 19 and $65 million on June 20, as previously reported. Miguel More, CEO of Arkham, informed CoinDesk via Telegram last week that these moves to exchanges could suggest an intent to sell the assets.

However, compared to the $40 billion in BTC traded in the past 24 hours, a $24 million sale is a relatively small amount.

According to CoinGecko data, there is currently ample liquidity for a $20 million BTC trade on Binance alone, meaning that the amount is unlikely to have an immediate impact on prices.