The number of Bitcoin holdings by the US government has sparked market speculation

Recently, a document obtained through the Freedom of Information Act has attracted widespread attention in the cryptocurrency community. The document shows that a certain law enforcement agency currently holds 28,988.35643016 Bitcoins, worth approximately $3.44 billion. This figure is far lower than the previously commonly recognized 200,000 Bitcoins, raising speculation about whether the U.S. government has quietly sold off a large portion of its Bitcoin holdings.

However, it is important to note that this document only reflects the holdings of a single institution and does not represent the total Bitcoin assets of the U.S. government. In fact, other law enforcement agencies may still hold a portion of Bitcoin that has been seized but not yet completed the forfeiture process.

The key to understanding this data lies in distinguishing "seized assets" from "confiscated assets". The former refers to assets whose ownership has been legally transferred to the government through legal proceedings; the latter refers to assets that have been temporarily seized during an investigation but have not yet undergone a final legal judgment. This also explains why there are discrepancies between the amount of Bitcoin shown in government-related wallet addresses by certain on-chain tracking tools and the data officially published.

Nevertheless, discussions about whether the US government has conducted a large-scale Bitcoin sell-off continue. Some industry insiders suggest that traditional on-chain tracking methods may have become ineffective, as the government may be conducting offline transactions through custodians, leaving no trace on the blockchain.

The timing of the disclosure of this news is quite sensitive, as there have been political figures proposing the establishment of a "strategic Bitcoin reserve." If the U.S. government significantly reduces its Bitcoin holdings, it may be seen as a strategic misstep and could affect future related policies.

From a market perspective, if the U.S. government did indeed conduct a large-scale sell-off, this could explain the long stagnation of Bitcoin prices recently. At the same time, this may also mean that the "rookie chips" have been transferred to the "diamond hands," laying the groundwork for future price increases.

What is even more worth noting is that if the US government shifts from a potential major seller to a possible margin buyer, this role reversal could lead to a reconstruction of liquidity, the impact of which may be more far-reaching than mere data disputes.

In any case, this event once again highlights the complexity and uncertainty of the cryptocurrency market, reminding us to be cautious in our consideration of various market information and speculation.