A few days ago, I came across a headline with a very confident tone: a certain regime supposedly controls the legendary $60 billion Bitcoin reserve and might face confiscation. My first reaction was to be skeptical.

Why? It's simple—there's no trace of this asset in the Bitcoin whale wallets.

This report is based on the English investigative article "The $60 Billion Question: Is Venezuela Secretly a Bitcoin Superpower?", claiming a scale of up to $60 billion. But there's a critical problem: it's still an intelligence estimate with no on-chain evidence to support it.

We can verify this with a mature approach. The Bitcoin blockchain is open and transparent, and tools like Arkham Intelligence and Chainalysis can track any large holdings or transfers clearly. The result? So far, no on-chain data can confirm the existence of 600k BTC.

What data can be checked instead? The country's current Bitcoin holdings are only 240 BTC, roughly $22 million, from a small seizure in 2022. This is several orders of magnitude less than the claimed $60 billion.

Indeed, this country has been using cryptocurrencies to evade sanctions, such as settling energy revenues with USDT and converting gold mine profits into BTC. But the scale is far from reaching $60 billion. The failed Petro token project, although involving corruption, only involved a few hundred million dollars.

If such a massive holding truly existed—that is, about 3% of the total circulating supply of Bitcoin—it would attract widespread attention and tracking, like the 210,000 BTC held by the US government. But in reality, there's nothing.

So, without waiting for a final conclusion, we can already see the answer.