According to the source, despite China’s 2021 nationwide ban on crypto trading and mining (source: People’s Bank of China joint notice, Sep 24, 2021; National Development and Reform Commission circular, Sep 24, 2021), Chinese authorities control roughly 194,000 BTC seized from the PlusToken case (source: Jiangsu Yancheng Intermediate People’s Court judgment on PlusToken, 2020), placing China as the No. 2 government holder by publicly attributed wallets, behind the U.S. (source: 21.co Government Bitcoin Holdings dataset, 2024; Arkham Intelligence government-labeled wallets, 2024). For traders, large transfers from government-labeled wallets have coincided with liquidity stress and price drawdowns in prior episodes, including the German government’s BTC disposals in 2024 (source: Kaiko research note on German government BTC sales, 2024) and the U.S. government’s disclosed Silk Road BTC sale in tranches (source: U.S. Department of Justice press release, Mar 31, 2023). Monitoring China- and U.S.-labeled wallet flows on Arkham for unusual outflows is key to assessing near-term BTC volatility, order book depth, and funding rate shifts (source: Arkham Intelligence alerts and dashboards, 2024).