For the past few weeks, the government of Germany has been offloading a significant amount of Bitcoin, contributing to the crypto’s recent downturn. In June, the Federal Criminal Police Office (BKA) started selling Bitcoin, originally seized from a defunct movie piracy website, from a wallet they control. The BKA sold 900 Bitcoins last month, valued at around $52 million. Additionally, last week, the government sold 3,000 Bitcoins worth approximately $172 million, and just this Monday, another 2,739 Bitcoins were sold for about $155 million.

The German government has been transferring its Bitcoin holdings to various exchanges such as…

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