Using five different crypto exchanges suggests that the wallet sought to maximize liquidity on each order book and sell Bitcoin as soon as possible.
The German government was looking to sell its Bitcoin stack as soon as possible, without optimizing for the smallest market impact and best profitability.
The German government-labeled wallet’s Bitcoin (BTC) selling patterns, including the large transfers to various centralized cryptocurrency exchanges (CEXs), suggest that the intention was to cash in profits in the short term, according to Miguel Moreno, the founder of Arkham Intelligence.
The transfers to multiple exchanges occurred to maximize Bitcoin liquidity, Moreno told Cointelegraph during an interview at EthCC:
