Germany's on-chain Bitcoin wallet balance has hit zero, marking an end to the sell pressure that has been affecting the crypto market, according to Arkham Intelligence. The government's Bitcoin holdings, seized from the Movie2k piracy website, have been steadily sold off since June, with the last 3846.05 BTC ($223.81M) sent to institutional trading desk and Flow Traders.

This sell-off coincided with the US government's sale of seized coins and market fears around repayments to creditors of the bankrupt Mt. Gox Bitcoin exchange. These factors, coupled with minimal demand growth from Bitcoin whales and a lack of stablecoin liquidity, led to Bitcoin's price dropping to $53,900 last Friday.

However, with Germany's sell-off now complete, on-chain analysts suggest that Bitcoin's price presents a healthy entry point for new investors. Institutional investors have been accumulating BTC at their fastest rate since March, indicating a strategic 'buying the dip' approach. The mass selling of coins by short-term holders is seen as a sign that market fear has peaked and a price correction is due.