Bitcoin addresses labeled as belonging to German authorities appeared to send another 282.74 BTC ($17.6 million) to Coinbase, Bitstamp and Kraken on Tuesday morning — indicating a potential intention to sell the assets — according to on-chain analytics provider Arkham.

The German government-labeled addresses began sending bitcoin to crypto exchanges last month following the seizure of 50,000 BTC from the film-piracy site Movie2k in January.

The German Federal Criminal Police Office (BKA) sent 100 BTC ($6.2 million) to Coinbase, 150 BTC ($9.4 million) to Bitstamp and 32.74 BTC ($2 million) to Kraken at around 8:20 a.m. UTC on July 2, the blockchain analytics platform's data show.

Additionally, it sent 550 BTC ($34.3 million) at the same time to the address “139Po,” per Arkham’s data. …