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The Royal Government of Bhutan has sent 367 bitcoins, worth $33.51 million, to Binance, the leading crypto exchange by trading volume.
In a Thursday transaction, the fourth-largest Bitcoin-holding government sent 367 BTC, valued at $33.51 million, to a Binance Deposit address. Data from Lookonchain shows that the possible sale happened by 12:06 (UTC) today.
Bhutan sold the portion of its billion-dollar Bitcoin stash at an average cost of $91,242 per coin, incurring a transaction cost of 0.00130176 BTC ($118.76). Meanwhile, the nation still holds 12,573 BTC after the Thursday transaction, worth $1.15 billion.
Second Sales in Recent Memory
Notably, the Bhutan government has been busy on the selling front recently. The November 14 367 BTC sales came a few weeks after a similar sale. On October 29, the wallet tied to Bhutan sent 935 BTC over two transactions to the Binance Deposit address.
Bhutan sent 102.78 BTC ($7.31 million) to Binance by 09:09 (UTC) before transferring 832.25 BTC ($59.24 million) a few minutes later. Notably, the combined transaction was worth $66.55 million.
Meanwhile, the late October sale was its first in almost four months. Bhutan’s last substantial sale before the recent Bitcoin dump was on July 1, when it moved 394 BTC ($24.9 million) to Kraken.
Crypto Community Reacts
Meanwhile, the Bhutan government sale sparked speculation among the crypto community, which was skeptical of the transaction. For instance, a user asked why they were not selling Bitcoin over the counter rather than dumping it in the open market.
Another faction told the Bhutan government to draw lessons from the German government. For context, the Germans dumped their seized 50,000 BTC in July, when the asset was trading at $54,000. Following the recent price explosion, they missed a profit surpassing $1.7 billion.
In the meantime, Bitcoin continues to hold above $90,000, registering an under 2% uptick in the past 24 hours.