The repeated Bitcoin transfers to centralized exchanges suggest that the government is planning to sell its $2.75 billion worth of BTC holdings.
A “German Government (BKA)” labeled cryptocurrency wallet has sold another $52 million worth of Bitcoin, sparking suspicions that the government is selling its vast Bitcoin holdings.
The wallet associated with the German government transferred 832.7 Bitcoin (BTC) across four individual transactions on July 2.
The wallet sent 100 BTC to the Coinbase exchange, 150 BTC to Bitstamp, and over 32 BTC to the Kraken exchange, according to Arkham Intelligence data.