BKA transfers 400 Bitcoins to Coinbase and Kraken

Germany’s Federal Criminal Police Office (BKA) has reportedly deposited the staggering sum of 400 Bitcoins (BTC) into two centralized cryptocurrency exchanges, Coinbase and Kraken. This move came amid a significant downtrend that saw the Bitcoin price fall below the $60,000 mark.

The sizable transfer has sparked discussions in the crypto community, with members speculating about the possible intentions behind the move. Moreover, it coincides with a surge in Bitcoin whale activity over the past month. Interest was particularly piqued because the transfer was initiated by a government agency.

German government transfers 400 BTC to CEXs

According to a recent report by Arkham Intelligence, a blockchain platform that uncovers the identity behind large transactions, the transfer was split in half. 200 BTC coins each were sent to the two California-based crypto exchanges Coinbase and Kraken. At the time, the total value of the transactions was $24.34 million.

Interestingly, this move came shortly after a sizable transfer of 1,700 BTC (worth $110 million) initiated by the same government agency to the two exchanges mentioned above and Luxembourg-based crypto exchange Bitstamp. According to data from Arkham Intelligence, the total value of the German government’s Bitcoin holdings now stands at 46,359 BTC, worth $2.82 billion, including $1.1 billion in unrealized gain.

This major dump was considered one of the factors that pushed the price of Bitcoin into the bearish zone. Other factors include the large outflows from spot Bitcoin ETFs, the refund announcement by Mt. Gox, and other macroeconomic factors. Notably, a few hours after the CEX dump, the agency transferred another 500 BTC (worth $30.42 million) to an unknown wallet labeled “139Po…7ybVu.”

Bitcoin (BTC) price development

In the last 24 hours, Bitcoin price has been trading in the red zone. According to data from CoinMarketCap, Bitcoin price is trading at $61,220, down 0.47%. Trading volume in the last 24 hours has increased by 62.65% to $38.6 billion, making it the second most traded asset in the last day after USDT.

Furthermore, Bitcoin price has fluctuated between $59,086.11 and $61,649.43 in the last 24 hours, down 17% from its all-time high of $73,737 in March this year. According to Farside data, Bitcoin ETFs have seen outflows of about $174.5 million in the last 24 hours, representing a market dominance of 53.44%.