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BKA Transfers $24 Million in Bitcoin to Kraken and Coinbase

The BKA transferred a total of $24 million in Bitcoin (400 BTC) to Kraken and Coinbase. An additional 500 BTC, worth $30.4 million, was moved to an untagged address labeled “139Po.”

These transactions occurred during the morning hours in Europe, as reported by Arkham data. This follows previous significant transfers of $130 million in BTC on June 19 and $65 million in BTC on June 20.

The transactions involved Bitcoin being sent from a wallet associated with the BKA to the Kraken and Coinbase exchanges. The untagged address labeled “139Po” is also part of this movement but remains unidentified.

The Bitcoin in question was originally seized from the operators of the Movie2k.to film piracy website. The BTC, worth over $2 billion at the time, was obtained from nearly 50,000 BTC and transferred to the BKA in mid-January in a ‘voluntary transfer.’ The reasons behind the recent transfers are speculative, with some suggesting the BKA might be selling the BTC or diversifying assets across various exchanges.

The transfer was executed in two transactions totaling 400 BTC to Kraken and Coinbase, alongside an additional movement of 500 BTC to an untagged address. This follows earlier large-scale transfers by the BKA, totaling $195 million in BTC sent to exchanges on June 19 and June 20.

Germany’s current ownership of 46,359 BTC, worth approximately $2.8 billion at current prices, positions it as one of the largest known nation-state holders of Bitcoin, ranking behind the United States, China, and the UK. The recent transactions are part of ongoing movements by the BKA, raising speculation about the agency’s strategy with its Bitcoin holdings. Some believe it might be looking to sell the BTC, while others think it could be spreading its assets across various platforms for diversification.

The exact motivation behind these transfers remains unclear, but the scale and frequency of these movements suggest strategic financial planning by the BKA regarding its substantial Bitcoin holdings.

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