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Stablecoin Market Sees Fluctuations With Some Coins Gaining And Others Reducing Supply

26 Mar 2023

As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address.

The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation, and the seizure of bitcoins from James Zhong last year. Of the total, 69,369 BTC was seized from “Individual X,” 94,643 BTC was taken from Ilya Lichtenstein and his wife Heather Morgan, and 51,326 BTC was seized from Zhong in November 2022.

According to a report from Glassnode on March 9, 2023, some of these bitcoins have moved, reducing the total from 215,338 to 205,515 BTC. “Approximately [40,000 bitcoins] from wallets associated with U.S. Government law enforcement seizures are on the move,” Glassnode reported. “The majority of these appear to be internal transfers (so far). However, around 9,861 [bitcoin] seized from the Silk Road hacker have been sent to our Coinbase cluster.”

The current estimate of 205,515 bitcoins (BTC) comes from a Dune Analytics set of metrics created by 21Shares, an exchange-traded product provider. The data shows the U.S. government’s addresses and transaction history. Of the current seized cache of BTC, 44% came from the Bitfinex forfeiture, 32.2% from “Individual X,” and 23.8% from the Zhong seizure. Additionally, the U.S. government may possess more bitcoins than what is tallied up in 21Shares’ data set. The summary notes that the 205,515 BTC is “a lower-bound estimation” based solely on “publicly available information.”

The U.S. government’s seized 205,515 bitcoins constitute a considerable stash compared to that of other large holders. Although smaller than Grayscale’s cache of 643,572 BTC, it surpasses Microstrategy’s stash of 132,500 BTC. Furthermore, compared to the whales in the bitcoin-rich list of addresses, it would be the second largest (if consolidated), falling behind Binance’s bitcoin cold wallet, which holds 248,597 BTC at the time of writing.

The federal government’s bitcoin stash is also larger than the roughly 140,000 BTC in the Mt Gox cache. This isn’t the first time the U.S. government has been a top holder; the Federal Bureau of Investigation (FBI) was the second-largest BTC holder after seizing the original Silk Road marketplace. However, the government’s stash at that time was depleted after the U.S. Marshals held bitcoin auctions to sell the crypto assets in 2014.

What do you think about the U.S. government’s current bitcoin stash? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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As of March 25, 2023, the U.S. government held 205,515 bitcoins worth $5.6 billion, which is approximately 1.06% of the circulating supply, according to current statistics. The cache of bitcoins is a result of three forfeitures that began in 2020. Glassnode’s on-chain data reveals that on March 9, about 9,860 bitcoins worth roughly $269 million were sent to a Coinbase address.

The U.S. government currently holds 205,515 bitcoins valued at $5.66 billion based on today’s exchange rates. The bitcoins were confiscated in three cases, including the Silk Road bitcoin seizure in November 2020, the 2022 Bitfinex hack confiscation, and the seizure of bitcoins from James Zhong last year. Of the total, 69,369 BTC was seized from “Individual X,” 94,643 BTC was taken from Ilya Lichtenstein and his wife Heather Morgan, and 51,326 BTC was seized from Zhong in November 2022.

According to a report from Glassnode on March 9, 2023, some of these bitcoins have moved, reducing the total from 215,338 to 205,515 BTC. “Approximately [40,000 bitcoins] from wallets associated with U.S. Government law enforcement seizures are on the move,” Glassnode reported. “The majority of these appear to be internal transfers (so far). However, around 9,861 [bitcoin] seized from the Silk Road hacker have been sent to our Coinbase cluster.”

The current estimate of 205,515 bitcoins (BTC) comes from a Dune Analytics set of metrics created by 21Shares, an exchange-traded product provider. The data shows the U.S. government’s addresses and transaction history. Of the current seized cache of BTC, 44% came from the Bitfinex forfeiture, 32.2% from “Individual X,” and 23.8% from the Zhong seizure. Additionally, the U.S. government may possess more bitcoins than what is tallied up in 21Shares’ data set. The summary notes that the 205,515 BTC is “a lower-bound estimation” based solely on “publicly available information.”

The U.S. government’s seized 205,515 bitcoins constitute a considerable stash compared to that of other large holders. Although smaller than Grayscale’s cache of 643,572 BTC, it surpasses Microstrategy’s stash of 132,500 BTC. Furthermore, compared to the whales in the bitcoin-rich list of addresses, it would be the second largest (if consolidated), falling behind Binance’s bitcoin cold wallet, which holds 248,597 BTC at the time of writing.

The federal government’s bitcoin stash is also larger than the roughly 140,000 BTC in the Mt Gox cache. This isn’t the first time the U.S. government has been a top holder; the Federal Bureau of Investigation (FBI) was the second-largest BTC holder after seizing the original Silk Road marketplace. However, the government’s stash at that time was depleted after the U.S. Marshals held bitcoin auctions to sell the crypto assets in 2014.

What do you think about the U.S. government’s current bitcoin stash? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed. Meanwhile, from March 14 to March 26, the number of tether stablecoins in circulation increased by 6.12 billion.

In recent weeks, the supplies of some stablecoins have decreased while others have increased. Today’s top ten stablecoins include USDT, USDC, BUSD, DAI, TUSD, FRAX, USDP, USDD, GUSD, and LUSD. According to statistics for the last month, USDC, BUSD, and GUSD experienced double-digit reductions in supply. The other top ten stablecoin assets recorded supply increases, with TUSD’s supply doubling or rising 112.3% higher than it was 30 days ago.

Among other stablecoin assets, liquity usd (LUSD) rose 16.2% and tether (USDT) increased by 12.7% over the last month. LUSD now has a market valuation of around $267.70 million, USDT’s market capitalization has risen to $79.70 billion, and TUSD’s market valuation has grown to $2.05 billion. On the other hand, USDC’s number of coins in circulation has dropped by 6.12 billion since March 11. Statistics for the last 30 days indicate that USDC lost 19.5% of its supply compared to last month.

BUSD and GUSD experienced the largest reductions, with GUSD losing 31.6% of its supply over the last 30 days. BUSD has reduced its supply by 30.6% since last month, and its market valuation is just above $8 billion. According to Nansen’s proof-of-reserves tool, $7.3 billion BUSD is held by Binance. The stablecoin DAI issued by Makerdao has seen a 4.7% increase in circulation. Over the last month, FRAX recorded a 1.9% increase, and USDP has risen 8.5%.

What do you think the future holds for stablecoins and their role in the crypto market? Will we see continued growth and adoption or will they face new challenges and obstacles? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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