Exchange Returns 163 Million Worth of Bitcoin to the German Government Possibly Due to Failure to Sell within Target Price Range

According to Arkham Intelligence data, as of Monday 4:15 PM Eastern Time, the German government has received 2,898 Bitcoins, equivalent to approximately $163 million, mainly from Coinbase, Kraken, and Bitstamp exchanges. The Block’s Research Director, Steven Zheng, stated that exchanges likely returned the Bitcoins because they were unable to sell them within the target price range. Zheng said, “Considering that some Bitcoins have been returned from Coinbase to the German government address, it can be assumed that they are unsold Bitcoins, part of the sales agreement between cryptocurrency exchanges and the country.” Data shows that the German government currently holds over $2 billion worth of Bitcoins.