German Government Transfers 13,475 Bitcoins to Exchanges

The German government recently transferred a massive 13,475 Bitcoins to major cryptocurrency exchanges, including Bitstamp, Coinbase, and Kraken. This transfer, worth an estimated $75.53 million, marks one of the largest Bitcoin transactions to centralized exchanges (CEX) in recent history.

Data revealed by Arkham shows that this substantial transfer occurred at 16:25 UTC+8. This move has caught the attention of many in the crypto community, given its scale and potential implications for the market.

The transfer of such a large amount of Bitcoin to exchanges typically signals a potential sell-off, which could impact Bitcoin prices. Market analysts are closely watching to see how this influx of BTC into exchanges might affect trading dynamics and overall market sentiment.

SOURCE: arkham