According to cryptocurrency research firm Arkham Intelligence, Saxony, a state in eastern Germany, has now liquidated all of its Bitcoin holdings. 

Saxony's relentless selling spree has been a major bearish headwind for the leading cryptocurrency by market cap since the start of June. 

The German state originally owned 50,000 Bitcoins that were confiscated earlier this year from the operators of the Movie2K piracy website.       

Following the confiscation, Germany ranked as one of the top holders of Bitcoin among different governments (behind only the U.S., China, and the U.K.). However, it no longer holds any Bitcoin. 

The selling spree naturally attracted plenty of criticism from the members of the Bitcoin community.   Joana Cotar, Germany's pro-crypto MP, called for halting the sales, arguing that holding the cryptocurrency would be beneficial for the state.