Yes, they would be transacting in BTC outside of the federal reserve, as does the US in dollars, but I don't believe they would be holding significant reserves elsewhere without making it public.
English is a second language, so don't underestimate the chances of a simple loose interpretation.
You don't make a public statement about "moving" 11 BTC, you do however make a public statement about increasing your federal reserve by 11 X the normal buy volume.