YEREVAN (CoinChapter.com) — A cryptocurrency wallet labeled as “German Government (BKA)” offloaded over $54 million worth of Bitcoin on June 25. This transaction involved 900 Bitcoin (BTC) in three separate transfers. The first two transfers, each worth 200 BTC, were sent to major exchanges Coinbase and Kraken. Interestingly, the third transfer of 500 BTC, valued at over $30 million, was sent to a mysterious wallet labeled “139Po,” according to on-chain intelligence provider Arkham Intelligence.
Unidentified Wallet Receives Large Transfers
The wallet “139Po” remains unidentified. However, it has interacted with the German government’s Bitcoin wallet before. On June 19 and June 20, the government sent 500 BTC and 800 BTC to the same address. Notably, despite these large transactions, the wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.
These transactions have raised questions within the crypto community. The reasons behind these transfers remain unknown, adding to the intrigue.
German Bitcoin Sell-Off May Push Prices Below $60,000, Analyst Predicts Correction
Moreover, the German government’s recent activity could add selling pressure to the market, potentially driving Bitcoin’s price below the critical $60,000 mark. Bitcoin has been experiencing a downtrend, with a drop of 11% on the monthly chart and over 7% on the weekly chart, trading just above $61,000 as of 9:40 a.m. UTC, based on Bitstamp data.
Popular analyst Willy Woo commented on the situation, suggesting that Bitcoin might face a correction lasting up to four weeks before any potential price rally. In his June 22 post to his 1.1 million followers, he noted,
“Eyeballing this model… probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring.”
German Government Moves 6,500 BTC from Seized Assets
Notably, on June 19, the German government’s wallet executed a massive transfer of 6,500 BTC, worth over $425 million. These funds, held since February 2024, are believed to be proceeds from seized assets, specifically from the pirated movie website operator Movie2k.
Additionally, the wallet, holding nearly 50,000 BTC before these recent transactions, suggests that more Bitcoin could enter the market, increasing selling pressure. The ongoing movements have kept market watchers on high alert, especially with the involvement of unidentified wallets.
More Selling Pressure from Mt. Gox Payouts
Additionally, the collapsed cryptocurrency exchange Mt. Gox is set to start repaying its defunct users. Over $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors. Above all, these repayments, expected to begin in July, could introduce additional selling pressure, affecting Bitcoin’s market dynamics.
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