According to a new report from CoinGecko, government-held Bitcoin has dropped by 12.4% over the past year, from 529,591 BTC to 463,741 BTC—about 2.3% of the total supply. The U.S. leads with 210,429 BTC, followed by China (194,775 BTC), the U.K. (61,245 BTC), El Salvador (5,748 BTC), and Bhutan (4,200 BTC). Germany and Ukraine have fully liquidated their reserves. Except for El Salvador, all holdings come from criminal seizures, not direct purchases.