German Bitcoin Sell-Off Sees 10,853 BTC Transferred In 12 Hours

Key Points:

• A German government wallet transferred 10,853 BTC ($635M) in 12 hours.
• Significant BTC amounts were sent to Kraken, Cumberland DRW, Flow Traders, and Coinbase.
• Bitcoin’s price fell below 59,000 USDT, now at 58,970 USDT.

German Bitcoin sell-off on July 10 saw transfers of 10,853 BTC worth $635M in 12 hours. Major transactions included transfers to Kraken, Flow Traders, and Coinbase. Wallet now holds 13,11K BTC.

According to the most recent data gathered through monitoring via Arkham, there has been some highly notable activity on a wallet that is purportedly linked to the government of Germany. In the last 12 hours, the wallet transferred about 10,853.489 BTC for approximately $635 million.

Breakdown of Bitcoin Transfers to Various Addresses

Arkham data showed the first transfer of 5,103.489 BTC as of today. Of that, 750 BTC were sent to Kraken, 536.108 BTC to Cumberland DRW, 1,127.381 BTC to Flow Traders, 500 BTC to Coinbase, and 2,190 BTC to three unknown addresses.

30 minutes later, the wallet sent 3,000 BTC to Flow Traders for about $176 million before another transfer of 750 BTC, worth approximately $44.06 million, was made to the suspected address of B2C2 Group.

A few hours later, 2,000 BTC was transferred, of which 375 BTC went to a Kraken address, 1,000 BTC to the suspected address of B2C2 Group, Coinbase got 375 BTC, and 250 BTC went to an address starting with bc1qu.

Readmore: $1.38 Billion Lost in First Half 2024 Crypto Hacks: Report

German Bitcoin Sell-Off Impact on Market Prices

As of this writing, it holds 13,11K BTC in the German government wallet, worth approximately $766 million. Following these transfers, Bitcoin fell below 59,000 USDT and is currently trading at 58,970 USDT, with a daily increase of 0.95%.