In a surprising turn of events, the German government has significantly reduced its Bitcoin holdings, now owning just 9,094 BTC (approximately $521 million) after offloading 6,458 BTC (around $379 million) within the past 24 hours. This rapid sell-off has potentially contributed to Bitcoin’s failure to cross the $60,000 mark for the second time.

Earlier, Bitcoin surged to $59,516 following the US CPI data release for June, which showed a drop to 3% month-on-month. However, the selling pressure from the German government’s liquidation has seen Bitcoin prices fall back to $57,363. If the sell-off continues at the same pace, the German Govt’s Bitcoin reserves will deplete within the next two days.

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