US And German Governments Send Bitcoins Worth IDR 12 Trillion To The Exchange In The Last Two Weeks

JAKARTA - The governments of the United States and Germany have shipped bitcoins worth a total of 738 million US Dollars (approximately IDR 12 trillion) to various crypto exchanges in the last two weeks. This move raises speculation over whether this is a peak signal or a basis for the bitcoin market.

According to data from Arkham Intelligence, the German government accounted for about three-quarters of the total shipments, with 30 transactions usually carried out in the morning around 09.00 local time. German Bitcoins were mostly obtained from criminal cases, such as the Movie2k pirated portal. In the last two weeks, Germany shipped 7,828 BTC, valued at around 496.4 million US Dollars (approximately IDR 8.1 trillion) at the time the transaction was made, at an average price of 63,400 US Dollars (approximately IDR 1.03 billion) per BTC.

Meanwhile, the US government sent one shipment of 3,940 BTC to Coinbase Prime on June 26 at 11.00 ET, which was worth 241.22 million US Dollars (approximately IDR 3.9 trillion) at the time. This Bitcoin comes from the seizure of a drug case involving Banmeet Singh. Previously, the US government sold bitcoin through auction, but now prefers to sell it through Coinbase.

Although it is difficult to ascertain whether bitcoin shipments by the government affect market prices, the data shows that bitcoin has not experienced a significant price increase in that period. Currently, bitcoin is trading in the range of 60,200 US Dollars (around Rp.983 million), slightly down from the average value of German government transactions.

Since November 2020, the US government has sold or moved about 590 million US Dollars (approximately Rp9.6 trillion) in bitcoin, with an average price of around 37,000 US Dollars (approximately Rp604 million) per BTC. If the US government detained the bitcoin until now, they could earn around 958.7 million US Dollars (approximately Rp15.6 trillion), thus losing a potential profit of 370 million US Dollars (approximately Rp6 trillion). In addition to bitcoin, the US government has also sold ethereum (ETH) worth 49.1 million US Dollars (approximately Rp802 billion) since September 2020, with an average price of 452 per US Dollar (approximately Rp7.3 million) ETH. The current ETH price reaches 3,300 US Dollars (approximately Rp53.9 million), so the US government lost a potential profit of around 310 million US Dollars (approximately Rp5 trillion).

The delivery of bitcoin by the governments of Germany and the US shows that they still hold large amounts of crypto assets. The US government currently still has around 13.3 billion US Dollars (approximately IDR 217 trillion) in crypto, especially bitcoin, and 300 million US Dollars (approximately IDR 4.9 trillion) in ether and tether form. Meanwhile, the German government still holds 43,549 BTC, worth about 2.6 billion US Dollars (approximately IDR 42.4 trillion).