Saxony, a state in eastern Germany, has recently sold off all of its Bitcoin holdings, according to cryptocurrency research firm Arkham Intelligence. This selling spree has been a negative factor for Bitcoin’s market value since June, with the cryptocurrency dropping below $64,000 last week.
The state originally acquired 50,000 Bitcoins earlier this year from the operators of the Movie2K piracy website. This made Germany one of the top holders of Bitcoin among governments, following the U.S., China, and the U.K. However, Saxony no longer holds any Bitcoin after the liquidation.
Investors in Bitcoin ETFs took advantage of the state’s sales, buying up the cryptocurrency during the dip. These products saw significant inflows, totaling $79 million on Thursday and reaching $882 million for the week. Despite criticism from the Bitcoin community, including calls from Germany’s pro-crypto MP Joana Cotar to halt the sales, Saxony proceeded with the liquidation.
Other challenges, such as Mt. Gox repayments, continue to impact Bitcoin’s market. As of now, the leading cryptocurrency is trading at $57,723 according to CoinGecko data.