ECONOMIC ANALYSIS: STATE-LEVEL HOLDINGS AND THE "HIDDEN WHALE" PHENOMENON
The Chinese government remains one of the world's largest Bitcoin holders, controlling approximately 194,000 BTC seized from the PlusToken crackdown, worth over $17 billion in 2025. 🇨🇳
Despite a comprehensive domestic ban on trading and mining, this massive sovereign treasury positions the state as a dominant "hidden whale" capable of exerting significant influence on global liquidity. 🐋
Strategic retention of these digital assets, rather than immediate liquidation, suggests a sophisticated approach to managing national reserves and hedging against long-term macroeconomic shifts. 🏛️
The presence of such a substantial state-controlled supply creates a unique market dynamic where sovereign-level moves are as critical to monitor as institutional or retail activity. 📈
The intersection of strict regulation and massive state-level accumulation continues to define the complex role of major economies in the digital asset landscape.