Germany’s government has been observed transferring a significant amount of Bitcoin to cryptocurrency exchanges as BTC works to recover from the $60,000 mark. According to blockchain “de-anonymizing” platform Arkham, the German government’s Bitcoin wallet has moved a total of 900 BTC in the last 24 hours.

Arkham’s data reveals that the German wallet sent 200 BTC to the Kraken exchange and an additional 200 coins to Coinbase. Furthermore, 500 BTC were sent to an address beginning with “139PoPE,” which is potentially another exchange wallet but currently an unknown entity.

Earlier this month, Arkham reported that the German government had moved over $195 million worth of Bitcoin to six crypto exchanges, including Coinbase, Kraken, and Bitstamp. This follows a pattern of the government selling off BTC, with recent transfers totaling $65 million to likely exchange deposits, and a previous $600 million move involving $130 million sent to four likely exchange deposits.

The reason behind the sale of BTC is linked to the authorities seizing the cryptocurrency while investigating Movie2k.to, an illegal streaming site that distributed over 880,000 pirated films between 2008 and May 2013. The operators of the site purchased Bitcoin using the proceeds of their illegal activities, leading to the seizure of nearly 50,000 BTC worth $2.17 billion at the time, marking the largest Bitcoin seizure in Germany to date.

As of the current time, Bitcoin is trading at $61,510. Subscribe to get email alerts delivered directly to your inbox and follow the latest price action on X, Facebook, and Telegram. Please note that all opinions expressed at The Daily Hodl are not investment advice, and investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. It’s essential to be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor. Please also note that The Daily Hodl participates in affiliate marketing.