U.S. Government Increases Its ETH Holdings

According to data provided by analytics firm Lookonchain, wallets associated with the U.S. government recently received roughly $332,000 worth of Ethereum (ETH) tokens from the Coinbase exchange. 

The wallets in question currently hold a total of $281 million worth of ETH following the latest transfers. 

U.S. government’s vast crypto holdings 

Data provided by Arkham Intelligence shows that the U.S. currently holds a total of $23.4 billion worth of crypto. 

Bitcoin, of course, accounts for the lion’s share of the aforementioned holdings ($22.5 billion). Apart from BTC and  U.S. also holds such tokens as USDT, BNB, USDC and so on.

Of course, it should be noted that the US government is not an active investor in crypto (at least for now). The tokens held by the government have been confiscated from bad actors over the past several years. 

It should be noted that Ethereum is part of the digital asset stockpile that was officially created by the U.S. in March alongside the strategic Bitcoin reserve. The stockpile consists of ETH as well as several other tokens.

Ethereum’s price recovery 

According to CoinGecko data, the price of Ethereum (ETH) has spiked by more than 3% over the past 24 hours. 

The altcoin has now recovered after coming awfully close to dipping below the $4,000 level earlier this week. 

It should be noted that ETH is still up by 17% over the past month, and the token is still seemingly on track to score its best Q3 of all time.