US government Bitcoin holdings remain massive

The U.S. government reportedly still holds more than 328,000 $BTC, worth over $20 billion at current market levels.
That is a major supply overhang most traders do not focus on as much as ETF flows or corporate treasury buying.
The bigger signal is what happens if governments eventually stop selling seized Bitcoin and begin treating it as a strategic reserve asset.
If that shift ever happens, the market conversation around $BTC could change from institutional adoption to sovereign accumulation.
For Bitcoin, government behavior may become one of the most important long-term narratives to watch.