Governments around the world hold Crypto Assets, and Whales are dropping their risk exposure.

Recently, Bitcoin addresses of several national governments have shown transaction activity, causing market turbulence. The Bitcoin holdings of the United States, Germany, and a well-known trading platform have attracted widespread attention.

According to reports, the U.S. government currently holds approximately 213,000 Bitcoins, valued at around $11.5 billion, and 50,000 Ethereums, valued at about $1.45 billion. The German government's Bitcoin holdings amount to 42,000 coins, valued at approximately $2.3 billion. A well-known trading platform holds 141,600 Bitcoins, valued at about $7.69 billion.

In the current market environment, large investors and institutions are adopting strategies to drop leverage and reduce positions.

Data shows that in the past few hours, a Whale investor transferred a total of 20,830 Ethereum (worth approximately $59 million) to a trading platform through multiple transactions.

On-chain analysis experts pointed out that the investor mortgaged approximately 53,000 Ethereum through multiple addresses on a decentralized lending platform, borrowing $107.8 million in stablecoins. Currently, the health rate of their lending position has dropped to 1.15. This means that if the price of Ethereum falls to around $2,526, that position will face liquidation risk. In response to the rapid decline in the price of Ethereum, the investor chose to sell part of their holdings to repay the loan, thereby dropping the leverage risk.

In the current market environment, investors generally adopt a cautious attitude, responding to potential market fluctuations by reducing their risk exposure. This behavior reflects market participants' concerns about the short-term price trends of Crypto Assets, while also highlighting the importance of risk management in Crypto Assets investment.