German government transfers additional $175 million in bitcoin, including $75 million to crypto exchanges

The German government appeared to send another batch of bitcoin to a few addresses, further signaling its potential intention to sell the assets, data from Arkham shows.

The authorities in Germany moved a total of 3,000 bitcoin ($175 million) to a few addresses, including crypto exchanges, according to Arkham data. Of this amount, it transferred 1700 BTC -4.80% to an address that started with “139Po,” which is yet to be identified by the platform.

The government also sent 500 BTC to an address at Bitstamp, 400 BTC to a Coinbase address and 400 BTC to a Kraken address.

The latest transactions follow similar moves over the past two weeks. On Tuesday, the government sent about $17.6 million worth of bitcoin to its addresses at exchanges. The German government has now sent over $300 million worth of bitcoin to identified exchange addresses and the “139Po” address, the data showed. The government currently holds 40,359 bitcoin, worth about $2.32 billion. 

Crypto traders are closely watching the movements made by the German and U.S. governments, as well as payout updates from the defunct crypto exchange Mt. Gox.

The price of bitcoin fell 5.28% over the past 24 hours to around $57,343, the lowest level since early May, according to The Block’s bitcoin price page .