Bitcoin (BTC) maintained its price above $57,000 in the early hours of Tuesday despite significant transactions involving a German government entity. According to data from Arkham, the entity transferred 6,600 bitcoins worth $360 million to various crypto exchanges and trading services, including Kraken, Cumberland, and an institutional trading address.
Earlier in the week, the cryptocurrency experienced a brief drop to $55,000 after an address linked to the German Federal Criminal Police Office (BKA) moved over $900 million to different wallets, causing concerns among traders. However, the situation improved as the BKA received more than $200 million from exchanges like Kraken, Coinbase, and Bitstamp, indicating that the assets were not immediately sold on the market.
The BKA had seized nearly 50,000 BTC in 2013 from the operators of Movie2k.to, a website involved in film piracy. In January, the suspects voluntarily transferred 40,000 BTC, valued at $1.3 billion, back to the BKA. As of Tuesday, the BKA’s wallet holds 40,000 BTC.
This recent activity highlights the significant role of institutional entities in the cryptocurrency market and their impact on price movements. While large transactions can initially create volatility, the market’s resilience and the strategic actions of entities like the BKA demonstrate a growing maturity in handling such movements.