Germany's government has been selling off its Bitcoin stash, which has pushed the price under $65,000. This move, coupled with massive outflows from the spot Bitcoin ETFs, has put significant pressure on the market. However, big players like MicroStrategy are taking advantage of the dip to buy more Bitcoins. Germany currently holds $3 billion worth of Bitcoin, with $1.1 billion in unrealized profits.

The recent sell-off from the German government has been quite substantial, with nearly 1,700 Bitcoins worth $110 million deposited into three different crypto exchanges over the past two days. This is a small fraction of the 43 billion worth of Bitcoin stash that the government holds. Despite this, other Bitcoin whales have been actively buying up supplies at every fall. On Thursday, Michael Saylor's MicroStrategy announced an additional purchase of 11,931 Bitcoin through the proceeds of the $800 million convertible notes.

Furthermore, on-chain data reveals that a Bitcoin whale purchased over 6,500 Bitcoins worth $430 million in a single go on Thursday. This shows that there are enough buyers in the market to absorb every selling pressure. However, with Bitcoin miner capitulation, the price recovery is likely to see a delay further into the summer.