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US Government Bitcoin Reserves Still Intact: 198,000 BTC Remain Untouched

US Government Bitcoin Reserves Still Intact: 198,000 BTC Remain Untouched

Sebastian Villafuerte
by Sebastian Villafuerte
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Rumors suggesting the US government had secretly sold off a large portion of its Bitcoin reserves were swiftly denied yesterday after new on-chain data emerged. Arkham Intelligence, a US-based blockchain analytics firm and public data platform, published updated figures confirming that the US Government still holds at least 198,000 BTC, currently valued at approximately $23.5 billion.

These Bitcoin reserves are distributed across multiple addresses managed by various government agencies, including the US Marshals Service (USMS), FBI, DOJ, DEA, and US Attorney’s Offices. Despite claims of a major selloff, none of these holdings have moved in the last four months, indicating that the government continues to hold its Bitcoin stash intact.

The rumors, which circulated widely on social media, were largely triggered by a misinterpretation of a Freedom of Information Act (FOIA) response from the USMS, which cited holdings of just 28,988 BTC. However, that number represents only a portion of the total reserves, not the entirety.

Related Reading: 21Shares Seeks Approval For First Spot ONDO ETF

Breakdown Of US Government Bitcoin Holdings

According to data from Arkham Intelligence, a significant portion of the US Government’s 198,000 BTC holdings—worth approximately $23.5 billion—originates from two major historical seizures: the Bitfinex hack and the Silk Road investigation.

The largest single source is the 2022 seizure from Ilya Lichtenstein and Heather ‘Razzlekhan’ Morgan, who were arrested six years after the 2016 Bitfinex hack. Authorities seized 94,000 BTC from the couple, with additional recoveries bringing the total to 114,599 BTC, now worth $13.65 billion. These funds were originally stolen from Bitfinex customers and, pending legal proceedings, may be returned to victims through restitution.

US Government Bitcoin Bitfinex Hack Recovery | Source: Arkham
US Government Bitcoin Bitfinex Hack Recovery | Source: Arkham

Another major contributor is the seizure of 69,369 BTC (currently $8.26 billion) from ‘Individual X’ in 2020. This person was believed to have exploited a vulnerability to access Silk Road funds years after the darknet marketplace was shut down. The US Government took possession of the BTC after ‘Individual X’ voluntarily forfeited the assets in a landmark case.

Arkham also identified other sources of BTC held by US authorities, including smaller seizures from criminal operations and forfeitures resulting from legal settlements. These holdings are spread across wallets linked to agencies such as the US Marshals Service, FBI, and DOJ.

This transparency debunks recent rumors about government sell-offs and provides clarity to the public. While the bulk of the seized BTC remains dormant, market participants are closely watching for signs of movement, given the significant potential market impact if liquidated. For now, however, all of these funds remain untouched, offering a buffer of reassurance as Bitcoin hovers near its all-time highs.

Related Reading: Binance Unrealized Profits Hit A Record 60,000 Bitcoin Despite Falling Reserves

Price Analysis: Consolidation Persists Between Key Technical Levels

Bitcoin continues to trade within a narrow range between $115,724 and $122,077, as shown in the 4-hour chart. This sideways movement follows the strong rally earlier in July that pushed BTC toward new all-time highs. Since then, the price has failed to break above the $122,077 resistance, while buyers have managed to defend the $115,724 support multiple times.

BTC compression continues | Source: BTCUSDT chart on TradingView
BTC compression continues | Source: BTCUSDT chart on TradingView

The chart also shows that BTC is hovering around the 50-period simple moving average (SMA) at $118,412, slightly above the 100-SMA ($116,614) and the 200-SMA ($111,678), which continue to slope upward—a signal that the macro trend remains bullish. However, declining volume during consolidation reflects indecision in the market.

Related Reading: SpaceX Moves Bitcoin For First Time In 3 Years: $153M In Play

A breakout above $122,077 could trigger renewed momentum toward the next psychological level at $125,000. On the downside, losing the $115,724 support may lead to a deeper retracement, with the 100-SMA and 200-SMA acting as dynamic support zones.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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