Crypto analytics firm Arkham Intel has been tracking a wallet labeled 'German Government (BKA)' of late. Over the last couple of hours, the wallet has offloaded hundreds of BTC.

According to on-chain data, BTC was moved in three batches. It started with 200 coins being sent to Coinbase first and was followed by another 200 BTC transfer to Kraken. Right after, an additional 500 coins were sent out to an unknown address, bringing the total amount offloaded close to $55 million.

The unknown wallet in question has received BTC two times before this as well. Six days back it was the recipient of 500 coins from the German government. Likewise, five days back, it received another 800 coins.

The government still possesses over 46k BTC. At the press time price of $61.15k, they were cumulatively worth $2.83 billion.

Alongside Arkham Intel, even blockchain security firm PeckShield flagged the said transfers.

The broader crypto market continues to remain stagnant at a $2.26 trillion market cap. Bitcoin has remained range-bound in the $61k-$62k bracket of late. Greed has evaporated from the market and according to Alternative.me’s tracker, the market is currently in “fear.”

Such phases usually open up good buying opportunities for investors. Alongside retail, even institutions have started adding discounted BTC to their bags. Over the past few days, Japan’s Metaplanet and America’s MicroStrategy have added coins worth millions to their portfolios.

Despite the choppy conditions, it should be noted that the magnitude of the latest drawdown is fairly less when compared to what Bitcoin has experienced in previous cycles. On-chain analyst ‘Checkmate’ recently reminded investors,

“Most of us have seen far worse. Stay humble.”