A wallet linked to the German Federal Criminal Police Office (BKA) transferred $24 million worth of bitcoin (BTC) to crypto exchanges Kraken and Coinbase this morning, according to Arkham data.
In addition, $30 million worth of BTC was moved to a new wallet, which is not yet identified as an exchange. These movements follow the transfer of $130 million in BTC to exchanges on June 19 and $65 million in BTC on June 20.
Arkham CEO Miguel More suggested to CoinDesk via Telegram last week that these transfers to exchanges could indicate an intent to sell the assets. However, a $24 million bitcoin sale is relatively small, considering that over $40 billion worth of BTC was traded in the past 24 hours, according to CoinGecko data. On Binance alone, there is sufficient liquidity to handle up to $20 million in BTC trades without significant price impact.
The BKA seized nearly 50,000 BTC, valued at over $2 billion at the time, from the operators of Movie2k.to, a film piracy website active in 2013. The Bitcoin was handed over to the BKA in mid-January following a ‘voluntary transfer’ from the suspects.
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