📢 Big news from the crypto world! The German state of Saxony is running low on Bitcoin to sell, after transferring over 10,567 BTC, worth over $600 million, to exchanges and brokers. This massive move has left the authorities with just 4,925 BTC, valued at $285 million.

At this rate, Saxony's Bitcoin selling spree could end as early as next week. This could bring relief to crypto investors who have been anxious about the impact of large-scale selling on the market.

Interestingly, the wallets linked to the authorities have a habit of receiving part of the transferred assets back from exchanges and brokers before day's end.

The recent 15% correction in Bitcoin's price coincided with the U.S. government moving $240 million worth of BTC to Coinbase and the start of repayments of 140,000 BTC by the defunct Japanese exchange Mt. Gox.

What are your thoughts on this? Do you think the selling pressure was overblown? Let's discuss in the comments! 💬