Government-held Bitcoin could disrupt the market, with $33bn overhang and potential selling pressure.

Bitcoin faces potential market disruption from a $33bn supply overhang linked to estimated cryptocurrency holdings by governments such as the US, China, UK, and Ukraine. Research firm Kaiko reports that the US holds 203,220 Bitcoin, followed by China, UK, and Ukraine with 190,000, 61,200, and 46,350 respectively. This could increase selling pressure, with Bitcoin already dropping 8% this month due to reduced liquidity, contributing to price swings.

August 30, 2024
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