#ETH巨鲸增持 is still watching whether to enter a position in Bitcoin? Perhaps the concern should not be that the price is too high, but that it is simply impossible to buy any coin.

The latest on-chain data has revealed an astonishing fact: governments around the world collectively hold 521,540 BTC, which, based on the current price of $91,407, means this batch of state-held assets has exceeded $4.76 billion in value. More importantly, this number accounts for 2.48% of the total Bitcoin supply—sounds like not much? But it’s important to note that the BTC available for trading in the circulation market is already scarce, and this portion essentially belongs to a "permanent lock-up".

From the holdings leaderboard, the United States firmly holds the first position with 207,189 coins (approximately $18.9 billion), followed by a certain Eastern country with 194,000 coins (approximately $17.7 billion), and the United Kingdom in third place with 61,000 coins (approximately $5.6 billion). Even war-torn countries like Ukraine have hoarded 46,351 coins, while Bhutan has incorporated 13,000 BTC directly into its national strategic reserves from hydroelectric mining.

This reveals three signals: First, major economies are teaming up to accumulate over 460,000 coins, and the circulating supply accessible to retail investors is being compressed; Second, when small countries begin to treat BTC as a strategic asset, it is no longer a speculative product but rather the logic of hard currency; Finally, as ETFs and sovereign funds continue to sweep the market, the future may not be about "buying at a high price" but rather the dilemma of "can we buy it at all?"

Out of a total supply of 21 million coins, governments have locked up 520,000 coins. Adding in institutional cold wallets and long-term holders, the chips available in the market are visibly decreasing at a rapid pace. Will Bitcoin rise to $500,000 or $1,000,000 in five years? Perhaps the better question is - by that time, will you still have any chips in hand?