Exchange Returns $163 Million Worth of Bitcoin to German Government, or Fails to Sell Successfully Within Target Price Range

As of 4:15 p.m. ET Monday, the German government address had received 2,898 bitcoins, or about $163 million, returned by exchanges, mainly from Coinbase, Kraken and Bitstamp, according to Arkham Intelligence data. Steven Zheng, head of research at The Block, said that The exchanges likely returned the bitcoins because they were unable to sell them within their target price range.Steven Zheng said, "Considering that some of the bitcoins have been returned to the German government address from Coinbase, it can be assumed that they are unsold bitcoins that were part of a sales agreement between the cryptocurrency exchange and the country. " Data shows that the German government currently holds more than $2 billion worth of Bitcoin.