Ramazan Eles 
According to blockchain analysis firm CryptoQuant, Bitcoin sales by governments like the US and Germany are overblown relative to the capital entering the market.
CryptoQuant data shows that $224 billion in new capital entered the market since the beginning of 2023. The realized market capitalization of Bitcoin sold by governments during this period was calculated at around $9 billion.
Ki Young Ju emphasized that the Bitcoin sold by governments represents only 4% of the total capital entering the market. This finding contradicts the notion that government Bitcoin sales have an exaggerated impact on the market.
Warning investors not to be affected by government Bitcoin sales, CryptoQuant CEO said, “Don’t let government sales ruin your trades.”
What is Realized Market Cap?
Realized market capitalization represents the total capital entering the market. Unlike the traditional market capitalization calculation that multiplies the current price by the total number of coins, this value is determined based on the price of each coin at the time of its last movement.
Government Bitcoin Reserves
Many governments, including the US, have seized a significant amount of Bitcoin through various operations. Some of these Bitcoins have been sold, while others are still held in government reserves. According to the latest data, the US controls over 200,000 BTC, followed by China with 194,000 BTC, the UK with 61,000 BTC, and Germany with 42,000 BTC.
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