In recent weeks, German authorities have stepped up the sale of significant amounts of Bitcoin (BTC), resulting in increased selling pressure on the world’s largest cryptocurrency, which has fallen over 20% in the past month. Bitcoin Reserves On The Brink Of Exhaustion The selling spree began last month when the German government initiated the sale of seized Bitcoin from a wallet operated by the country’s Federal Criminal Police Office, commonly known as the Bundeskriminalamt (BKA). Related Reading: Ethereum Whale Sparks Sell-Off Rumors With 11,215 ETH Coinbase Deposit The BKA sold 900 BTC in June valued at around $52 million at the time, which were part of a massive haul seized from a now-defunct movie piracy website. Subsequently, the government sold an additional 3,000 BTC worth approximately $172 million, followed by another sale of 2,739 BTC, equivalent to $155 million this week. Adding to these figures, the latest data from blockchain analytics firm Arkham reveals that the German government’s wallet sold over 5,000 BTC on Wednesday, leaving just 15,552 BTC in its stash worth around $892 million, representing a sell-off of more than 80% of their en ..
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