The German government has been observed transferring a significant amount of Bitcoin to cryptocurrency exchanges as BTC makes an effort to recover from the $60,000 level. According to blockchain tracking platform Arkham, the German government’s Bitcoin wallet has moved a total of 900 BTC in the past 24 hours.

Data from Arkham reveals that the German wallet sent 200 BTC to crypto exchange Kraken and an additional 200 coins to Coinbase. Additionally, 500 BTC were transferred to an address starting with “139PoPE,” potentially another exchange wallet, but the entity is currently unknown.

Earlier this month, Arkham reported that the German government moved over $195 million worth of Bitcoin to six crypto exchanges, including Coinbase, Kraken, and Bitstamp, over a two-day period.

The German government is selling the BTC seized during the investigation of Movie2k.to, an illegal streaming site accused of distributing more than 880,000 pirated films between 2008 and May 2013, which is now defunct. The Dresden Public Prosecutor’s Office stated that the site’s operators used the proceeds of their illegal activities to purchase Bitcoin.

The Bitcoin seizure in connection with the investigation is the largest of its kind in Germany to date, with police confiscating nearly 50,000 BTC valued at $2.17 billion at the time. At the time of writing, Bitcoin is trading at $61,510.

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