Germany's on-chain Bitcoin wallet balance has officially reached zero according to Arkham Intelligence, meaning the selling pressure from Europe's economic powerhouse may be over. 🎉

This situation, which puts an end to the bear story that has affected the crypto market recently, comes at a time when on-chain indicators have emerged indicating that a local bottom is near. 📉

Only 4925 BTC ($282.45 million) remained in the German government's wallet. This amount is significantly lower than the 50,000 BTC officially seized from movie piracy site Movie2k in January.

Germany's Bitcoin sales began at a time when the US government was also selling some of its money seized from criminals. Combined with low demand growth from Bitcoin whales and a lack of stablecoin liquidity, Bitcoin's price fell to $53,900 last Friday – its biggest decline since its peak of $73,700 in March.

With the sale complete, on-chain analysts say Bitcoin's price looks like a healthy entry point for new investors. Earlier this week, institutional investors accumulated BTC at the fastest rate since March, suggesting they are 'buying the dip'. Meanwhile, short holders are collectively selling at a loss, which analysts say indicates market fear has peaked and the price is poised for a correction.