The fifth month is poor, the sixth month is hopeless, the seventh month is zero, the eighth month is taking out loans, the ninth month is taking out shuttles, and the tenth month is jumping off a building. Grayscale smashed the miners, then the miners smashed Germany, then Germany smashed the UK, and now there is another Mentougou waiting to smash the market. Is encryption really over, brothers?
👉 Let's take stock of the forces of several countries that are dumping the bitcoins. These countries hold a total of more than 518,000 $BTC , accounting for more than 2.4% of the total bitcoins, most of which come from law enforcement actions.
1️⃣ US Government - 210,000:
The US government holds the most Bitcoin.
As of June 27, the U.S. government holds over 213,000 bitcoins, valued at over $12.97 billion, from law enforcement actions such as Silk Road, the Bitfinex hack, and the James Zhong hack. According to Jameson Lopp, co-founder of Casa, the U.S. government has seized and sold at least 195,091 bitcoins since 2014, making a profit of over $366 million.
In the past week, the US government transferred 3,940 bitcoins to Coinbase Prime. The funds came from an Indian dark web drug trafficking case and were worth approximately $240 million.
However, according to CryptoQuant CEO Ki Young Ju's analysis, the transaction has little impact on the market.
The reason is that Coinbase Prime handles 20,000 to 49,000 BTC of sell order liquidity per day during high spot ETF inflows, and 6,000 to 15,000 BTC during low inflows.
2️⃣ Chinese government - 190,000:
The Chinese government is the second largest holder of bitcoins, with 194,000 bitcoins worth $11.84 billion. These bitcoins were seized from the PlusToken pyramid scheme in 2020.
Recently, there have been rumors in the market that the Chinese government is "shipping". Due to the lack of an accurate tracking address, the specific changes in Bitcoin holdings are still unknown.
3️⃣ UK Government - 60,000:
The British government is also one of the largest holders of Bitcoin.
The British government currently holds about 61,000 bitcoins, worth more than $3.72 billion, and no transfers have occurred so far. It is worth mentioning that these bitcoins of the British government mainly come from a Chinese money laundering case involving a total amount of 43 billion yuan, which is also the country's largest bitcoin money laundering case to date.
4️⃣ German Government - 45,000
Germany also obtained a large amount of Bitcoin in law enforcement operations. As of June 27, the German government still holds about 45,000 Bitcoins, currently worth more than $2.75 billion.
Prior to this, the German government held about 50,000 bitcoins, which were mainly seized from the pirated movie website operator Movie2k. This was also the largest bitcoin confiscation in the history of German law enforcement agencies.
Over the past week, the German government's Bitcoin holdings have fluctuated frequently. It has transferred about 8,495 bitcoins to market makers Flow Trader and multiple exchanges including Kraken, Bitstamp and Coinbase, accounting for less than one-fifth of its current holdings.
5️⃣ Russia - Unknown
Russia’s Bitcoin holdings are also worth keeping an eye on; while the amount of state holdings cannot be determined with certainty, they play an important role in the crypto market.
Russia now holds about 11% of Bitcoin mining share, ranking third in the world
💡 There are still so many chips in their hands, is the bull still there, when will the market crash end, are you guys starting to get scared? 🥹