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German law enforcement continues to offload Bitcoin seized from the defunct movie piracy site Movie2k earlier this year.
What Happened: The latest transfers, totaling 250 Bitcoin (CRYPTO: BTC) ($15.4 million), were sent to cryptocurrency exchanges Bitstamp and Kraken on Wednesday, according to blockchain analytics firm Arkham Intelligence.
This follows a series of similar transactions over the past week, with a total of roughly $150 million worth of Bitcoin moved to exchange wallets.
An additional $147 million has been sent to an unidentified address labeled “139Po” by Arkham, which could potentially be another exchange.
The identity of the “139Po” address remains a mystery. While it’s possible this could be another exchange, it raises questions about the ultimate destination of these funds.
Analysts are watching these developments closely, concerned about the potential impact on the Bitcoin price. The price dipped briefly below $60,000 this week following the news of the German sell-off, and is currently down around 6% since these transfers began.
Also Read: SEC Chair Gensler Says Ethereum ETF Review ‘Going Smoothly’
Why It Matters: Adding to the market uncertainty is the upcoming distribution of Bitcoin and Bitcoin Cash from the collapsed Mt. Gox exchange.
This massive influx of around $9 billion worth of cryptocurrency is expected to start in July, and could put further downward pressure on prices.
Despite these sales, Germany remains one of the largest sovereign holders of Bitcoin globally, with current holdings estimated at around 45,609 BTC (worth roughly $2.8 billion).
The United States, China, and the United Kingdom hold significantly larger reserves.
What’s Next: For more insights and discussions on the impact of these developments on the digital asset market, join industry leaders at Benzinga’s Future of Digital Assets event on Nov. 19.
Read Next: Congressman Matt Gaetz Introduces Bill To Allow Federal Tax Payments In Bitcoin
Image: Shutterstock
Posted In: $BTC
