The price of Bitcoin sank on sales reports from the German government, not on BTC sales volume.
The German government sale was not the only factor affecting the price of Bitcoin over the past month. Factors such as Mt. Gox creditor repayments and stagnant Bitcoin exchange-traded fund (ETF) flows have also contributed to the price decline.
According to Arkham's Moreno, the volume of Bitcoin sold by the German government had less impact on the price of Bitcoin than the market's reaction to the news.
