The selling pressure is yet to evaporate from the Bitcoin market. The price of the asset has depreciated by another 2.2% over the past day, pushing BTC below the $65k threshold.

Crypto analytics firm Arkham Intel has been tracking a wallet labeled 'German Government (BKA)' of late. It started moving coins a couple of days back, and several from the community believe that the German government is selling its BTC holdings. Specifically, Arkham noted,

“German Government Still Selling BTC > $195M So Far. In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase. "

It added,

"The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including Kraken and Bitstamp. Right now, they still hold $3.05B in BTC.”

The premium gap on Coinbase has also been hovering in the negative territory of late. According to data from CryptoQuant, this metric currently flashes a reading of -30.5.

Typically, high premium values indicate buying pressure, while low/negative values connote to bubbling sell pressure. CryptoQuant’s executive Ki Young Ju recently asserted,

“Bitcoin selling pressure is originating from Coinbase. Maybe this [the German government selling] is related.”

Positive developments have started shaping up of late. MicroStrategy announced the purchase of 11.9k additional Bitcoin for $786 million a day back.

Traders and investors could soon expect a flip in dynamics. The crowd is mainly fearful and disinterested in Bitcoin around the $65k price band. This extended level of FUD is “rare,” according to Santiment, and would not prolong for long. One of its recent updates noted,

“BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.”