The German Government (BKA) just transferred out another 1,000 BTC ($55.8M), of which 500 BTC ($27.9M) has been deposited to Bitstamp and Coinbase.

• to Coinbase txn: 9f08ccffc6e0f92cd0f3ecc3fa5c2f97218b4eacbeb1280f38ad5d3c978f754f
• to Bitstamp txn: 2e24593a86f17ad8df592291bde735105b96487a8760dda7a5ec5da3ef093874
• to wallet "139Po" txn: c5bc5daaacd0ad6bc8b3b2b0dad68f86e959400b0bd1e661a3f1ed0c4e88926a
• address: bc1qq0l4jgg9rcm3puhhfwaz4c9t8hdee8hfz6738z
• This address belongs to the entity German Government (BKA)

Since June 20, 2024, they have transferred out a net amount of 11,033 BTC ($669M) at an average price of $60,669, including:

1. Moving out 14,466 BTC at an average price of $60,451, of which:

• 4,833 BTC ($297M) went directly to CEXs;
• 1,255 BTC ($73.96M) went to Flow Traders, probably as part of an OTC;
• 8,378 BTC ($503.5M) went to wallet "139Po", probably as part of an OTC. Note that wallet "139Po" would further move the BTCs to CEX.

2. Receiving back 3,433 BTC at a lower average price of $59,753, of which:

• 2,016 BTC ($121M) came directly from CEX.

Currently, the German government holds 38,826 BTC ($2.16B).

Fig 1. German Government (BKA)'s overall BTC inflows and outflows since June 20, 2024.

Fig 2. The BTC flow of the German Government (BKA) entity.