For much of its early history, Bitcoin was often described as a financial asset that moved independently from traditional markets. Investors and analysts frequently referred to it as “digital gold,” suggesting it could function as a hedge against inflation or economic instability.
While corporate treasury interest is not as high in other areas of the market, Ethereum-focused accumulation has remained relatively consistent, and that type of demand even in less favorable conditions begins to matter over time.
As of early 2026, New Hampshire has not yet made a purchase. Though the authority exists and the infrastructure surrounding it is being built, the state that got there first legislatively has been cautious about initiating a purchase in deliberate contrast to what Texas did next.
The United States government currently controls roughly $21 billion worth of Bitcoin. It didn’t accumulate this position by buying on the open market or mining coins. Historically, U.S. Bitcoin holdings have accumulated through criminal and civil asset forfeiture with cases tied to major fraud, ransomware, and darknet investigations. Though the Department of Justice notes that seized cryptocurrency is
February 2026 Capitulation Explained Bitcoin peaked at $126,000 in October 2025 and fell below $65,000 four months later, marking a nearly 48% decline from its all-time high. For many investors who entered during the rally, the past few months have been marked by heavy losses and uncertainty. The question now dominating market sentiment is simple, “where does Bitcoin