The German government's Bitcoin wallet has dwindled to 9,094 Bitcoin, just 18% of its original holdings, following a series of transfers to crypto exchanges on July 11. Initially seized from a film pirating website crackdown, the wallet has seen significant outflows since June 19, with a notable spike in July. Despite briefly dropping below 5,000 BTC after transferring 10,620 BTC to various platforms, including Coinbase and Kraken, some funds were returned, bringing the total back above 9,000 BTC. This depletion, coupled with Mt. Gox's distribution of over $8 billion in Bitcoin, has contributed to a recent price decline. The sell-off has also led to a surge in fear among investors, as reflected in the Crypto Fear & Greed Index. Amidst these developments, concerns arise about the impact of a potential financial crisis on the crypto market's current bullish trend. Read more AI-generated news on: https://app.chaingpt.org/news