German government agency transfers $425 million worth of Bitcoin, some to cryptocurrency exchanges

• A German government agency appears to have transferred $425 million worth of bitcoin to another wallet, returning some to the original wallet and sending some to cryptocurrency deposit wallets.

• Transactional data shows deposits worth $32 million each for Kraken and Bitstamp, which could indicate selling intentions.

A German government agency today transferred $425 million worth of bitcoin {{BTC}} to another wallet address, Arkham data appears to show, sending some to cryptocurrency deposit wallets and returning some to the starting point.

The wallet address, previously identified as belonging to the German Federal Criminal Police (BKA) by Arkham, moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself. Transactional data shows that a portion of $32 million in bitcoin was deposited on cryptocurrency exchange Kraken and a similar amount on Bitstamp.

German entity moved millions of bitcoins across cryptocurrency wallets and exchanges on Wednesday. (Arkham)

Arkham CEO Miguel More told CoinDesk via Telegram that the entity appeared to have moved $130 million worth of BTC into “service wallets,” which generally indicates an “intent to sell in the near future.”

Mantle Blockchain Strategist @Defi_Maestro signaled the movements in X previously.

BKA seized nearly 50,000 BTC, worth over $2 billion at the time, from exchange operators. Filme2k.toa movie piracy site that was active in 2013. BKA received the bitcoin in mid-January after a “voluntary transfer” by the suspects, according to Arkham.

´Source