After the German government transferred more than 10,000 bitcoin to exchanges and market makers early Monday, the country's authorities received nearly 3,000 BTC back later in the day.
As of 4:15 p.m. EST, Germany had received 2,898 bitcoin, or about $163 million, primarily from Coinbase, Kraken and Bitstamp, according to Arkham Intelligence data.
The exchanges most likely sent the bitcoin back to Germany after they could not sell them within a targeted price range, according to The Block's Research Director Steven Zheng.
"Considering some bitcoin were sent back to the German government from Coinbase, one can assume they were unsold bitcoin as part of a sale agreement between the crypto exchange and the country," Zheng said.
BTC's price hit about $55,200 early Monday afternoon before rebounding to roughly $55,400 as of 4:27 p.m. EST, according to The Block Price Page.
Germany's major crypto transfers on Monday included 5,200 bitcoin sent to market maker Flow Traders, 4,200 of the token to the B2C2 Group, 2,350 BTC to Bitstamp, 2,050 to Coinbase and 1,250 bitcoin to crypto exchange Kraken, according to Arkham.
The German government holds more than $2 billion worth of bitcoin, Arkham has also stated.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
