Germany’s Bitcoin stack briefly dipped below 5,000 BTC after sending a mass of funds to Coinbase, Bitstamp, and Kraken but has since moved some back.
The German government’s Bitcoin wallet is down to 9,094 Bitcoin — just 18% of what it started with — after the latest string of back-and-forth transfers with crypto exchanges on July 11.
The wallet, which has been holding Bitcoin (BTC) seized from a film pirating website crackdown in January, has transferred out billions in Bitcoin since June 19 but ramped up efforts at the start of July.
On July 11, the wallet even briefly dipped below 5,000 BTC after sending 10,620 BTC — worth $615 million — to cryptocurrency trading platforms Coinbase, Bitstamp, Kraken, Flow Traders and two anonymous addresses, blockchain intelligence firm Arkham noted.
