The UK holding 61K BTC is the detail that stands out most here. Most people assume government BTC holdings are limited to seized assets from Silk Road (US) or exchange hacks, but the UK's position suggests a different accumulation pattern — likely from civil forfeiture cases.

The more interesting question is whether any of these governments are actively accumulating vs just holding seized assets. If the US, China, and UK are all HODLing by default rather than auctioning off, that's a structural supply squeeze that isn't priced into the market.

What's your take on the EZB's position? They reject BTC while building a digital euro — seems like they're trying to control the narrative rather than compete in the actual market.