After the German government transferred more than 10,000 bitcoins to exchanges and market makers early Monday morning, German authorities received back about 3,000 of the BTC later that day.
According to Arkham Intelligence data, as of 4:15 p.m. ET, Germany had received 2,898 bitcoins (about $163 million), mostly from Coinbase, Kraken, and Bitstamp.
According to The Block’s research director, Steven Zheng, exchanges likely sent the bitcoin back to Germany after failing to sell it within their target price range.
“Given that some bitcoins were returned from Coinbase to the German government, it can be assumed that these were unsold bitcoins as part of a sales agreement between a cryptocurrency exchange and Germany,” Zheng said.
According to The Block Price Page, the BTC price rose to around $55,200 before bouncing back to around $55,400 as of 4:27 p.m. ET on Monday.
According to Arkham, the major cryptocurrency transfers that took place in Germany on Monday were 5,200 BTC to market maker Flow Traders, 4,200 tokens to B2C2 Group, 2,350 BTC to Bitstamp, 2,050 to Coinbase, and 1,250 BTC to cryptocurrency exchange Kraken.
Arkham also revealed that the German government holds $2 billion worth of Bitcoin.
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