German government is cashing in on a massive Bitcoin haul they seized from operators of a movie piracy website.

Over the past day, they've sold $195 million worth of Bitcoin, likely through major exchanges like Coinbase and Kraken. This is just the beginning, though, as they still hold onto a whopping $3.05 billion in Bitcoin.

This big sell-off isn't surprising. Recently, German authorities have been moving large amounts of Bitcoin around, hinting at future sales. The Bitcoin they're selling came from the operators of Movie2k, a defunct piracy website. The suspects actually handed over the Bitcoin (almost 50,000 worth!) to the German police back in January.

Unsurprisingly, all this selling is pushing down the price of Bitcoin. It's dropped almost 1% in the last day and nearly 3% in the last week. But not everyone is panicking. Companies like MicroStrategy are still buying big, recently scooping up $786 million worth of Bitcoin.

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