Some analysts believe that the German government's massive sell-off of bitcoin is responsible for the downturn in the cryptocurrency market, in addition to traders' concerns that the stock market may have peaked and the U.S. fiscal situation is weakening. According to former on-chain crypto analysis firm Arkham, a wallet linked to the German government transferred 6,500 BTC, worth $425 million at the time, to the exchange on June 19. The wallet held nearly 50,000 BTC, which was allegedly seized from Movie2k, a pirate movie site operated in 2013. Data indicates that the BTC was sent to Kraken, Bitstamp and Coinbase. However, as MicroStrategy disclosed an additional purchase of 11,931 BTC at $786 million, MicroStrategy's buy compensated for the selling pressure.