The German government entity has moved hundreds of millions worth of BTC to exchanges in the past few weeks, contributing to selling pressure and bearish sentiment. Bitcoin (BTC) held steady above the $57,000 mark in early U.S. hours Tuesday even as a German government entity moved an additional $360 million worth of the asset to various exchanges, Arkham data shows.
The government moved 6,600 bitcoin to crypto exchange Kraken, OTC service Cumberland and another address considered by Arkham to be an institutional trading service. Earlier in the week, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses, spooking traders. However, the entity received over $200 million from Kraken, Coinbase and Bitstamp back in early Asian morning hours, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market.