Blockchain intelligence firm Arkham has identified a cryptocurrency labeled as the German government
The No. 1 cryptocurrency wallet, German Government (BKA), reported that it sold a total of 49,858 BTC through multiple transactions between June and July 2024.
The average selling price of Bitcoin was about $57,900, and the total sale amounted to about $2.89 billion. Arkham said that the decision to sell early will allow the German government to raise about $2.35 billion.
In a post on X on the 19th, Arkham said, "If I had held onto the Bitcoin at that time, it would have been worth $5.24 billion today.
At the time of Arkham's posting, Bitcoin was trading at the $104,700 range, and as of 11:20 a.m. on the 21st (Japan time), Bitcoin was trading at
The German government wallet transferred 6,500 BTC (approximately $425 million) on June 19, 2024, and is available for sale.
The wallet is believed to hold around 50,000 bitcoins, the same amount used to run the illegal movie streaming site Movie2k, which was previously shut down.
The assets are known to have been seized from operators of the company. Miguel Morell, founder of Arkham Intelligence,
Morel said the German government's sales method "could be tailored to minimize market impact or maximize profits."
"It was not a strategy to make the blockchain a commodity," he said. In an interview with Cointelegraph at the 2024 Ethereum Community Conference (EthCC), he said, "They were five
"I really didn't know that people would start selling Bitcoin at market prices by throwing it at multiple exchanges," he said. "The method of using multiple exchanges at the same time is not just about increasing the order book of each exchange.
"It looked like they were trying to extract maximum liquidity from it."
2025/05/21 12:41 KST
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