Markets
Governments Move Over $100 Million in Cryptocurrency
The German and US governments have transferred over $100 million in cryptocurrency.
On July 1, the German government transferred 1,500 Bitcoin (BTC), worth approximately $95 million, and a portion of those funds were sent to major cryptocurrency exchanges.
At the same time, the U.S. government transferred 3,375 Ethereum (ETH), worth approximately $12 million, to an undisclosed wallet.
These transactions come at a time when the cryptocurrency community is anticipating a market recovery in July, following historical patterns of recovery after June’s downturn.
The German government’s transaction involved the transfer of 400 BTC to exchanges such as Bitstamp, Coinbase, and Kraken, which may suggest an intent to liquidate these assets.
Over the past two weeks, Germany has transferred 2,700 BTC to various exchanges.
Despite these transactions, Germany maintains a substantial reserve of 44,692 BTC, which is estimated to be worth approximately $2.8 billion.
The U.S. government’s transfer of Ethereum reportedly comes from assets previously seized from Estonian cryptocurrency entrepreneurs Potapenko and Turogin, marking a significant shift in the management of these funds.
The United States still holds 49,320 ETH, worth an estimated $172 million.
Further complicating market dynamics is the planned start of Mt. Gox refunds, scheduled to begin in July 2024.