Robert “Bo” Hines, Executive Director of the Presidential Council on Digital Assets, stated in a Wednesday appearance on Crypto in America that the U.S. still maintains its strategic Bitcoin reserve.

“We believe in accumulation. We have it, it’s already been established… We also have a national strategic digital asset stockpile,” said Hines.

He emphasized that Bitcoin is “in a class of its own” — a statement that reflects a growing consensus among U.S. policymakers. While Hines acknowledged the broader crypto ecosystem, he refrained from mentioning any other digital assets or platforms.

According to Hines, building the necessary infrastructure takes time and effort, stressing that long-term success depends on doing it the right way. He noted that there are “countless ways” to accumulate digital assets.

“People will be pleased with the direction we’re heading,” he added. “We’ll begin taking action in short order.”

Strategic Bitcoin Reserve Briefly Mentioned in Reports

The President’s Working Group on Digital Asset Markets released a report Wednesday aimed at “strengthening American leadership in digital financial technology.” However, the Strategic Bitcoin Reserve was mentioned only briefly.

Hines explained that the main priorities outlined in the report were focused on developing a clear and robust regulatory framework.

“We understand the importance of the strategic Bitcoin reserve. We are huge fans of Bitcoin and the Bitcoin community. We want to deliver for them, and I’m confident we will,” said Hines.

“We Want as Much BTC as Possible”

When asked how much Bitcoin the federal government currently holds, Hines declined to provide a specific figure.

“There are a few reasons we can’t disclose that at the moment. Maybe in the future. But what I can say is this: We want as much BTC as we can possibly get — and we’re going to keep working on that.”

According to analytics firm Nansen, the U.S. government holds approximately 198,000 BTC, valued at around $2.35 billion at current market prices.

President Trump officially established the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile in March by signing an executive order.

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While the true identities of the largest holders of the token remain unknown, blockchain data indicates a major wave of selling. This trend coincided with former President Donald Trump’s announcement offering selected TRUMP holders a dinner event at a golf club in Washington, DC, along with limited opportunities for a White House tour.

Nansen commented, “More holders opted to cash out their TRUMP tokens rather than new buyers stepping in.“
Despite the heavy sell-off, a few wallets continued to accumulate tokens, either to secure an event invitation or to take advantage of market volatility. However, many early investors seem to have exited their positions.

Who Are the Biggest TRUMP Token Investors?

The TRUMP memecoin was launched in January. Since then, several U.S. politicians and crypto industry leaders have raised concerns about potential conflicts of interest involving Trump and his wife Melania’s involvement with the project.

As of April 25, the largest wallet held approximately 1,176,803 TRUMP tokens, valued at nearly $16 million. This wallet, tagged “Sun,” sparked speculation linking it to TRON founder Justin Sun, who is known to have invested in Trump family-related ventures like World Liberty Financial. No official comment has been made regarding this speculation.

Other notable wallet names include “elon” and “doge,” though it remains unclear whether Tesla CEO Elon Musk, a vocal Dogecoin supporter, is involved with the TRUMP token project.

Adding to the controversy, around 80% of the total TRUMP token supply is controlled by the project team, raising fears among critics that Trump’s family could execute a sudden rug pull against investors.

Trump’s Previous Crypto-Themed Event

Prior to the 2024 elections, Trump hosted a dinner at his Mar-a-Lago estate for supporters who purchased NFTs featuring his mugshot. It remains uncertain whether attendees from that previous event are among the major holders of the TRUMP token today.

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Speaking to Cointelegraph, Newson said that uncovering the truth behind the April crash would require a full forensic study — similar to the one conducted after the collapse of FTX.

OTC Deals Obscure the Full Picture

In an April 15 interview with Coffeezilla, John Mullin, CEO of Mantra, admitted that the team had engaged in up to $30 million worth of OTC deals. These trades, unlike on-chain transactions, are carried out off exchanges and lack public transparency.

“The whale’s accumulation of 100 million OM tokens appears to stem from secondary market activity — not direct action by Mantra insiders,” Newson explained.

Arkham and Nansen Cannot Offer Final Answers

Mullin has denied any insider dumping, arguing that Arkham mislabelled several wallets. But Newson said that even data from Arkham or Nansen would not suffice:

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“To confirm insider coordination, more than basic wallet tracing is needed. Without offchain agreements or exchange records, reaching definitive conclusions is extremely difficult.”

Audit Still Not Confirmed

Mullin said the team is considering hiring a forensic auditor, though no decision has been made yet. Mantra has asked centralized exchanges to collaborate in analyzing the incident.

Frank Weert, co-founder of Whale Alert, also noted the difficulty in obtaining complete transaction histories, even at the node level.

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Thin Confidence Drives Volatility in Risk Assets

On April 15, the White House announced fresh tariffs on Chinese imports up to 245%, including:

• A 125% reciprocal tariff
• A 20% fentanyl-related import tariff
• Section 301 tariffs ranging from 7.5% to 100%

Aurélie Barthere, principal analyst at Nansen, said this escalation is targeting high-value sectors like Tech and Pharma, increasing pressure on correlated assets like Bitcoin (BTC) and US equities.

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“Unless a diplomatic breakthrough occurs, we’ll see continued risk-off sentiment among high-beta assets,” she said.

Crypto Reacts to Macroeconomic News

Since November 2024, crypto and US equities such as SPX and Nasdaq have shown strong downside correlation, especially amid macroeconomic uncertainty.

Nansen estimates a 70% chance of markets bottoming out by June 2025, dependent on how tariff negotiations progress.

China has appointed Li Chenggang, a seasoned official from the Trump era, as its chief trade negotiator. Reuters described him as an “intense” figure familiar with US negotiations.

Eyes on Powell’s May 6 FOMC Speech

Amid inflation concerns and trade risks, the spotlight is on Federal Reserve Chair Jerome Powell ahead of the FOMC meeting on May 6.

“A hawkish tone may push Bitcoin and other risk assets down again,” said Bitfinex analysts, adding that recent rebounds in altcoins could reverse without macro clarity.

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The report emphasizes DePIN’s potential, especially for projects involving decentralized computing, data storage, and energy distribution. These services provide essential infrastructure for AI and other tech industries, with the growth in AI-related compute DePIN suggesting a major opportunity for decentralized networks. The predictable asset pricing and high yield potential in this sector make it attractive for investors and developers alike.

NodeFi, which incentivizes node operators through blockchain networks, also shows promise but may face challenges related to project-specific dependencies. This market is tied to the success of particular projects, meaning its growth trajectory could be less predictable compared to AI-related services.

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Nansen and MetaStreet’s findings suggest that the crypto space is moving beyond traditional ERC-20 tokens and DeFi, with blockchain technology expanding into new verticals that intersect with AI, distributed computing, and other emerging fields. The long-term potential for AI-related blockchain projects is seen as particularly high, even as traditional DeFi sectors reach a plateau.

This shift signifies the diversification and maturation of the crypto market, highlighting the need for innovation in sectors that go beyond the typical use cases of digital assets and DeFi protocols.

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LayerZero Team Releases Prompt Update

The team initially flagged over two million addresses as potential sybil but later refined its criteria to minimize false positives and achieve a more accurate classification. The full list of addresses, including those reported through the whistleblower system and those identified through initial reviews by LayerZero, Chaos Labs, and Nansen, has been made public.

On May 3, the creator of the cross-chain communication protocol launched a self-reporting mechanism offering sybil users 15% of their planned token allocation within a designated 14-day period.

LayerZero and the Airdrop Event

The sybil bounty hunting process began on May 18 and will continue until June 1. Participants must report at least 20 addresses with a clear methodology to be eligible for a bounty of 10% of the sybil’s intended token allocation. All rewards will go to the first eligible reporter of a given address. The team is refining the method but the initial list will not change during the bounty hunt.

Sybil farming refers to the creation of multiple fake accounts to unfairly gain tokens or rewards. The sybil analysis follows the initial snapshot on May 1 for community members regarding a potential airdrop distribution.

Decentralized finance protocols widely use airdrop events to generate more interest by rewarding early users with newly released cryptocurrencies. LayerZero’s ZRO token was the first token to launch on the HyperLiquid perpetuals exchange in September 2023.

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