The German government continues to sell its Bitcoins, which contributes to the drop in the price of BTC

Thanks to several judicial seizures, including one linked to the illegal streaming platform Movie2k, the German government recently held nearly 50,000 Bitcoins.

The German government recently held nearly 50,000 Bitcoins, thanks to several judicial seizures, including one linked to the illegal streaming platform Movie2k.

Other governments are in similar situations. The Chinese government is said to hold 194,000 BTC, mostly from the PlusToken Ponzi scheme shutdown, while the US government is said to hold 213,000 BTC, mostly from the Bitfinex theft and the Silk Road black market takedown.

A few weeks earlier, the German government transferred 6,500 Bitcoins to a new address, and then 2,500 BTC, worth about $160 million, were sent to exchanges like Kraken, Bitstamp, and Coinbase, presumably to be sold.

On-chain data this morning reveals that the German government has once again moved some of its funds to exchanges.

Indeed, thanks to Arkham's data, we can easily see the details of the transfers, which show 250 BTC moved to Coinbase, 250 BTC to Bitstamp, and a transaction of 0.001 BTC, or $57, made to Cumberland—probably serving as a test before sending more funds.

These sales would be one of the triggers of the drop in the price of Bitcoin.

The German government's sales come at the same time as the U.S. government's sales and the refund of Mt. Gox customers, events that have helped push the price of BTC down in recent days, which recently hit $53,500.

In fact, the United States government also made sales at the end of last June, transferring 3,940 Bitcoins, or $241 million, to Coinbase Prime, the platform dedicated to professionals and institutions.

At the same time, Mt. Gox began repaying its creditors, which, according to the latest news, could be completed within 3 months, announcing the imminent return of 140,000 BTC to the market while they had been blocked by the platform for more than 10 years.

These recent movements of large amounts of BTC likely contributed to the decline in Bitcoin's price, especially since they occurred in the middle of summer, a period that is often bearish due to the lack of activity from professional investors.

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