5 "National-Level" Bitcoin Whales Holding Over 510,000 BTC: The U.S. and Germany Gradually Unloading
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5 "National-Level" Bitcoin Whales Holding Over 510,000 BTC: The U.S. and Germany Gradually Unloading
This article reviews the Bitcoin holdings and recent movements of 5 countries.
Navigating Web3 tides with focused insightsAuthor: Nancy, PANews
The crypto market has recently been "treading on thin ice," with market panic indices reaching high levels. In addition to the upcoming launch of Mt. Gox's Bitcoin compensation plan, unusual large-scale transfers from the United States and Germany—though currently small enough for the market to absorb—have intensified investor fears amid volatile trading conditions.
In fact, national-level Bitcoin whales have become an undeniable force, with their holdings and movements now a key focus for market watchers. This article by PANews reviews the Bitcoin holdings and recent activities of five countries, which collectively hold over 518,000 BTC—more than 2.4% of the total Bitcoin supply—mostly seized through law enforcement actions. In terms of profit-taking, apart from the U.S. having already sold over 190,000 BTC and Germany transferring out 20% of its holdings, the rest have not yet conducted large-scale sales.
U.S. Government: Profits Exceed $360 Million to Date; Latest Sales Have Limited Market Impact
The U.S. government holds the largest amount of Bitcoin among nations. According to Arkham data, as of June 27, the U.S. government possesses over 213,000 BTC, valued at more than $12.97 billion. These holdings stem from law enforcement operations including the Silk Road seizure, the Bitfinex hack, and the confiscation from hacker James Zhong. Jameson Lopp, co-founder of Casa, revealed that since 2014, the U.S. government has seized and sold at least 195,091 BTC, generating profits exceeding $366 million.
Over the past week, the U.S. government transferred 3,940 BTC to Coinbase Prime—worth approximately $240 million—seized from an Indian darknet drug trafficking case. However, CryptoQuant CEO Ki Young Ju analyzed that this transaction had minimal market impact, noting that Coinbase Prime handled between 20,000 to 49,000 BTC in sell-side liquidity daily during peak spot ETF inflow periods, and between 6,000 to 15,000 BTC during lower inflow periods.
Chinese Government: Over 190,000 BTC from Ponzi Scheme; Recent Sell-Off Rumors Unverified
The Chinese government ranks second in national Bitcoin holdings. Data from Bitcoin Treasuries indicates it holds 194,000 BTC, valued at $11.84 billion, seized from the 2020 PlusToken Ponzi scheme. Recently, rumors circulated that the Chinese government is selling off these holdings, but due to the lack of verifiable tracking addresses, no definitive changes in its Bitcoin position can be confirmed.
UK Government: Seized Over 61,000 BTC in Chinese-Origin Money Laundering Case; No Sales Yet
The UK government is also among the largest Bitcoin holders. Arkham data shows it currently holds approximately 61,000 BTC, worth over $3.72 billion, with no transfer activity observed to date. Notably, these bitcoins were primarily seized from a money laundering case involving a Chinese national, with illicit proceeds totaling 43 billion yuan ($5.9 billion)—the largest Bitcoin-related money laundering case in UK history.
Related Reading: 61,000 BTC Frozen: Fugitive Behind World’s Largest Money Laundering Case Flees with $6.3 Billion
German Government: Confiscated from Piracy Site, Has Moved One-Fifth of Holdings
The German government acquired a substantial amount of Bitcoin through law enforcement actions. As of June 27, Arkham data shows Germany still holds around 45,000 BTC, valued at over $2.75 billion. Previously, Germany held about 50,000 BTC, mostly confiscated from Movie2k, a pirated film website operator—the largest Bitcoin seizure in German law enforcement history. Over the past week, Germany's Bitcoin holdings have seen frequent movements, with approximately 8,495 BTC gradually transferred to market makers like Flow Traders and exchanges including Kraken, Bitstamp, and Coinbase—amounting to less than one-fifth of its current holdings.
El Salvador: Unrealized Gains Exceed $50 Million, No Sale Plans
Following El Salvador's policy of buying 1 BTC daily, Arkham data shows that as of June 27, the country holds approximately 5,794 BTC, valued at around $350 million, with unrealized gains exceeding $50 million. President Nayib Bukele, who recently secured re-election, has stated there are no plans to sell the nation’s Bitcoin holdings. Additionally, El Salvador has launched its own mempool space to allow real-time tracking of its Bitcoin treasury.
Moreover, the Bitcoin holdings of Russia and North Korea also warrant attention, although exact state-held quantities remain uncertain. Both play significant roles in the crypto market. Russia currently controls about 11% of global Bitcoin mining capacity, ranking third worldwide. North Korea stole $2 billion in cryptocurrency between 2018 and 2023 alone, including $600 million in crypto theft last year.
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