🚀Hey there, Bitcoin enthusiasts! 🚀

Germany is gearing up for its biggest Bitcoin dump yet, with a whopping $900 million worth of BTC heading to trading venues! 😱 On-chain data reveals over 16,000 BTC has left the exchange's wallet, leaving a cool $1.35 billion worth of BTC behind.

🕵️‍♂️Arkham Intelligence was the first to spot signs of a continued selloff at 8:32 am ET on Monday, with 2738.7 BTC ($155.3 million) being sent to "likely exchanges and market makers". This included Kraken, Cumberland, and a couple of unidentified addresses.

💸But the fun didn't stop there! Less than 2 hours later, Germany sent another 8100 BTC ($463.2 million) to exchanges like Kraken, Coinbase, and Bitstamp. This was followed by an additional 5200 BTC ($297.3 million) to Coinbase, Bitstamp, and the OTC address.

🎬This massive selloff comes after German police confiscated 50,000 BTC from the movie piracy website, Movie2k, earlier this year. Despite calls from some quarters to hold onto the coins as part of a diversified treasury, Germany is opting to convert its Bitcoin into fiat currency at a rapid pace.

📉This rapid sell-off, along with other factors, has led to a market correction this month, driving BTC to its lowest price since February. While BTC has since bounced back to over $56,000, some predict a "subdued performance" in the near future due to looming bankruptcy repayments.

Stay tuned, Bitcoiners! The ride is far from over! 🚀🌕