German Government Moves $344M in Bitcoin to CEX and OTC Desks

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German Government Moves $344M in Bitcoin to CEX and OTC Desks

The German government has resumed the transfer of Bitcoin (BTC) to cryptocurrency exchanges and Over-the-Counter (OTC) trading desks. According to blockchain analytics platform Arkham Intelligence, crypto wallets linked with the German government transferred approximately $344 million worth of BTC. These numerous transfers are still a source of concern to investors and the broader crypto market.

German Government Holds $1B in Bitcoin

For context, about $73 million worth of this Bitcoin went to centralized exchanges with Kraken receiving as much as $44 million while Coinbase Global Inc (NASDAQ: COIN) got $39 million in BTC.

Another $98 million was sent to crypto trading firms amongst which is Amsterdam’s Flow Traders and Chicago’s Cumberland DRW. The former received $66 million in two transactions while the latter bagged $31.5 million.

There is also an unidentified wallet that received $132 million from the German government in two transactions. Noteworthy, this will not be the first time that most of these wallet addresses are receiving Bitcoin from the Ge...


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German Government Moves $344M in Bitcoin to CEX and OTC Desks