In a revelation shaking the crypto world, CryptoQuant’s recent data unveils the staggering Bitcoin holdings of the United States government. With a whopping 210,392 BTC valued at $15.05 billion, the US emerges as a heavyweight in the realm of digital assets.
Ki Young Ju, the mastermind behind CryptoQuant, highlights a startling fact: since July 2023, government agencies like the Department of Justice and the Internal Revenue Service have not sold a single Bitcoin. This move has catapulted their unrealized profits to a mind-boggling 2.4 times increase.
However, Arkham platform analysts provide a twist to the narrative, reporting a higher figure of 215,245 BTC held by US authorities. This discrepancy underscores the intricacies of tracking government wallets and the opaque nature of their operations.
Beyond Bitcoin, the government’s digital coffers boast 50,147 Ethereum, along with substantial holdings in USD Coin, Dai, and Tether. The transparency of these wallets sparks vigilance within the crypto community, fearing the repercussions of a mass sell-off on the global market, valued at over $2.5 trillion.
Fun Fact: US gov holds 210,392 $BTC, with a 2.4x unrealized profit, and hasn't sold any #Bitcoin since July 2023. pic.twitter.com/GIvQpL3j5Z
— Ki Young Ju (@ki_young_ju) March 15, 2024
Recalling past transactions, the US government’s involvement in crypto has been sporadic. Confiscated BTC from the Silk Road hacker found their way to Coinbase in March 2023, followed by a sell-off of 9,861 BTC in April. Earlier this year, authorities hinted at liquidating assets linked to the Silk Road case, amounting to 2,934 BTC.
February witnessed another transfer of 15,085 BTC, seized post the Bitfinex hack in 2016, where hacker Ilya Lichtenstein siphoned approximately $4.5 billion. These events underscore the evolving role of governments in the crypto landscape and the intricacies of managing digital assets on a monumental scale.
