They sold their holdings when Bitcoin was at $55k, and now that Bitcoin is trading at $110k, they would be surprised how Bitcoin could go as 2x as they sold their holdings.
If you already read through replies from this thread you will understand that German government did not use their funds to invest in Bitcoin, i won't call it their holdings because it was all confiscated and they don't value it as an investment comparing to real investors who started by growing their assets from small.
In the case of real investors doesn't matter where they sell out, most important rules to follow is never to sell low than it was purchased and not selling during bear season when not in the bull run. The more you hold the better the profits,
Bitcoin has followed the pattern of giving ATH after each halving, some will sell at this bull run of $100K+, next bull run will also come with another ATH of about $200K+, it doesn't matter much as long you make profits from your investment.
This pattern didn't work the same way previously, we saw a new all time high even before the last halving and that is by the way, for an investor the point of our selling out really matters though people can have different goals and objectives and personal even while we should not sell during bear season or selling lower than it was purchased, there is more value when we don't just sell for a minimal gains, prioritize should be given to our investment to be held for a long term for a regeneration and have a compounded value.