For weeks now, Germany’s government has been selling hundreds of millions of dollars worth of bitcoin — and it’s been a key factor behind the cryptocurrency’s intense sell-off. In January 2024, police in the eastern German state of Saxony announced the seizure of close to 50,000 bitcoins, worth around $2.2 billion at the time. Today, Germany’s BKA holds roughly 32,488 bitcoins. At current prices, the government’s holdings are worth roughly $1.9 billion.