In recent developments, both the German and U.S. governments have moved substantial amounts of cryptocurrency, totaling over $100 million.
On July 1, 2024, the German government transferred 1,500 Bitcoin (BTC), valued at approximately $95 million. Some of these funds were directed to major cryptocurrency exchanges such as Bitstamp, Coinbase, and Kraken. This move could indicate intentions to liquidate a portion of these assets. Over the past two weeks, Germany has shifted a total of 2,700 BTC to various exchanges. Despite these transfers, Germany still holds a significant reserve of 44,692 BTC, worth around $2.8 billion.
In parallel, the U.S. government moved 3,375 Ethereum (ETH), valued at about $12 million, to an undisclosed wallet. This Ethereum transfer is reportedly from assets previously seized from Estonian crypto entrepreneurs Potapenko and Turogin. The U.S. government retains a remaining 49,320 ETH, with an estimated value of $172 million.
These transactions come as the crypto community anticipates a market rebound in July, following historical patterns of recovery after downturns in June. Additionally, the upcoming repayments in the Mt. Gox case, expected to commence in July 2024, could further influence market dynamics.
