So, I’m just sitting here, minding my own business, when I hear about this onchain analyst named Sani. He’s got some data that seems to back up what the IMF was saying about El Salvador’s so-called bitcoin purchases. But hey, don’t tell that to the ONBTC, they’re still tweeting every BTC addition like it’s a big win. 🙄
El Salvador’s Bitcoin Shuffle: Are They Just Moving the Same Coins Around?
El Salvador, the trailblazers in creating a bitcoin reserve and the first to make bitcoin legal tender, are now getting a bit of a grilling over their bitcoin buys. President Bukele keeps saying they’ll “never stop” buying bitcoin, but the on-chain data is telling a different story. Maybe they’re just playing a game of digital hot potato with their BTC. 🏓
On September 9, Sani, who runs the Time Chain Index platform, dropped some bombshell info about what he calls “bitcoin recycling.” According to Sani, the address 3KhF5JyMkTtViu2jnp5rffedQbVjydRYKC, which is supposedly tied to El Salvador’s bitcoin buys, pulled 63 BTC from Binance. Now, if you’re thinking, “Wait, didn’t they just put it back?” you’d be right. 🤦‍♂️
Sani broke it down: there were transactions from this address to Binance, and then Binance sent the BTC right back to El Salvador’s addresses. On September 7, when Bukele tweeted that they were grabbing 21 BTC for Bitcoin Day, guess what? The address sent exactly 21 BTC to the country’s accounts. Coincidence? I think not. 🕵️‍♂️
Taking all this into account, Sani had to ask:
This raises a key question: is the country just shuffling bitcoin across wallets, sending 1 BTC per day to its Strategic Reserve Wallet? We need some answers here, folks. 📢
This isn’t the first time the bitcoin purchases have raised eyebrows. Back on July 18, the IMF said in their compliance report that El Salvador was consolidating bitcoin across various government wallets. Julie Kozack, the IMF’s Director of Communications, confirmed this in a press briefing. But you know who didn’t say anything? The ONBTC and other government sources. They’re still calling these movements “acquisitions” like nothing’s wrong. 🤷‍♂️
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2025-09-11 14:08