The U.S. government is one of the world’s largest Bitcoin (BTC)holders.periodically engaging in transactions involving its substantial holdings. Recent activity indicates the government's movement of over $2 billion worth of Bitcoin.
However, the exact quantity of Bitcoin under the U.S. government's control remains uncertain, with varying reports from trusted platforms. Estimates range from 164,013 to 213,246 BTC, reflecting the challenges in accurately determining the government's holdings.
Discrepancies arise due to factors such as access to information, on-chain tracking, and speculation regarding address ownership. Notably, much of the government's Bitcoin holdings stem from assets seized in ongoing legal proceedings, awaiting liquidation.
On April 2, the Department of Justice (DOJ) executed transactions involving Silk Road Confiscated Funds, moving significant sums to Coinbase Prime and an undisclosed address. This included 2,000 BTC valued at $131 million and 29,800 BTC valued at $1.95 billion, respectively.
SpotOnChain, a notable on-chain platform, provides insights into various U.S. government cryptocurrency transactions, including recent Ethereum (ETH) and USDC token transfers. Their data suggests U.S. government Bitcoin holdings at 179,196 BTC, valued at nearly $11.90 billion as of April 3.
U.S. government crypto holdings. Source:SpotOnChain
Dune Analytics, another reputable on-chain platform, presents a lower estimate, indicating U.S. government Bitcoin holdings at 164,013 BTC, worth $10.82 billion, representing 0.83% of the cryptocurrency's circulating supply.
U.S. government BTC holdings. Source:Dune Analytics
Arkham Intelligence, a reputable platform, holds the largest reported U.S. Bitcoin balance, totaling 213,246 BTC valued at $14.18 billion. This significant holding is attributed to the U.S. government. Arkham has meticulously accounted for the latest transactions, including an unidentified address that is also affiliated with the U.S. government, elucidating the disparity in reported balances.
U.S. government Bitcoin holdings. Source:Arkham Intelligence
In summary, diverse methodologies employed by different sources result in varied estimations of the U.S. government's Bitcoin holdings. On-chain analyses, while informative, lack conclusiveness and often involve educated conjectures. Official statements are awaited for definitive clarity.
It's worth noting that the U.S. government's significant Bitcoin holdings, representing around 1% of the cryptocurrency's circulating supply, wield influence over its market dynamics, potentially impacting not only Bitcoin's price but also other cryptocurrencies.
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