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Bitcoin, Ether Reverse Losses as Germany Gets Back $200M BTC From Exchanges
On Monday, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses.
Updated Jul 9, 2024, 5:59 a.m. Published Jul 9, 2024, 5:57 a.m.
- Solana's SOL, Ether and other major tokens jumped as much as 7%.
- BKA received over $200 million from Kraken, Coinbase and Bitstamp.
Bitcoin led a crypto market recovery early Tuesday as a German government entity received over $200 million worth of the asset back from various exchanges in late U.S. hours, helping revive sentiment.
Bitcoin was trading just over $57,300 in Asian morning hours, up 3.5% over the past 24 hours, while major tokens such as Solana’s SOL jumped as much as 6%. Ether climbed back above $3,000, while dogecoin was up nearly 7%.
STORY CONTINUES BELOW
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On Monday, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses, spooking traders.
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But the entity received over $200 million from Kraken, Coinbase and Bitstamp back in the past 12 hours, Arkham data shows, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market.
The BKA had seized almost 50,000 BTC in 2013, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website. It received the asset in mid-January after a ‘voluntary transfer’ from the suspects, as previously reported.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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