The German government wallet responsible for sending large amounts of Bitcoin to exchanges and market institutions received 2442 Bitcoins back from exchanges and institutions late last night.

According to data from Arkham, the wallet received 903 Bitcoins ($52.3 million) from crypto exchange Kraken. Additionally, 1,529 BTC ($88.6 million) inflows were seen from addresses not yet tagged by the on-chain analytics platform. The German government also received ten BTCs ($575,000) from Bitstamp.

Might interest you: Germany Continues to Sell Bitcoin: New Transfer of 5800 BTC

Yesterday, after a large amount of bitcoin outflow to exchanges and institutions, there were returns to the wallet controlled by German authorities. As The Block previously reported, more than 10,853 bitcoins (worth $637.7 million at the time) were transferred out yesterday.

As for the reason why bitcoins returned to the German government wallet after exiting, it is estimated that there may be “unsold bitcoins as part of a sales agreement between the crypto exchange and the country,” according to Steven Zheng, Research Director of The Block.

The latest transfers are in line with the German government’s strategy to sell 50,000 bitcoins seized from movie piracy site Movie2K, which went bankrupt in January.

German Bundestag member and bitcoin advocate Joana Cotar criticized the government’s decision to “hastily” sell its holdings of bitcoins instead of a comprehensive bitcoin strategy as “unproductive”.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post German Government Gets Back $141 Million in Bitcoin from Exchanges and Institutions appeared first on Coin Engineer.