In an unexpected maneuver, a wallet affiliated with the German Federal Criminal Police Office (BKA) facilitated the transfer of $24 million in Bitcoin (BTC) through a pair of transactions to the cryptocurrency exchanges Kraken and Coinbase during the morning hours in Europe, as per Arkham’s data insights. Concurrently, an additional $30 million in BTC was dispatched to a newly established wallet, which remains unlinked to any exchange as of Tuesday. These activities follow the prior movement of $130 million in BTC to exchanges on June 19 and $65 million on June 20, as previously documented.

Miguel More, CEO of Arkham, communicated with , a leading media firm, CoinDesk via Telegram last week, suggesting that the transfers to exchanges likely signify an intent to liquidate the assets. Despite this, a $24 million Bitcoin transaction is relatively modest. CoinGecko’s data indicates that over $40 billion worth of BTC was traded in the past 24 hours. Notably, Binance alone possesses sufficient liquidity to handle up to $20 million in a BTC trade without significantly impacting the market price.

The BKA’s considerable Bitcoin reserves stem from their confiscation of nearly 50,000 BTC, valued at over $2 billion at the time, from the administrators of Movie2k.to, a notorious film piracy platform operational in 2013. The BKA came into possession of the Bitcoin in mid-January through a ‘voluntary transfer’ from the suspects.

By seamlessly transferring significant Bitcoin amounts and maintaining robust liquidity, the German Federal Criminal Police Office continues to strategically manage its digital assets amidst the evolving cryptocurrency landscape.