According to TechFlow, on September 19, Arkham released the latest government Bitcoin holdings rankings on the X platform. The data showed that the United States led the list with $12.16 billion in holdings. According to Arkham data, the top four countries and their Bitcoin holdings are:

1. United States: $12.16 billion; 2. United Kingdom: $3.67 billion; 3. Bhutan: $782.46 million; 4. El Salvador: $351.75 million;

Notably, Germany dropped from $3.56 billion to zero, making it a special mention on the list.