worldcoinindex.com
Bhutan, a quiet but active Bitcoin holder for over five years, has reportedly accumulated a reserve worth around $886 million, which could introduce added selling pressure in the crypto market. The government has recently started selling portions of this Bitcoin stockpile as prices surged past the notable $71,000 mark.
In a recent move, the Bhutanese government transferred about $66.5 million worth of Bitcoin to a Binance deposit wallet in two transactions on October 29, as recorded by Arkham Intelligence. This transfer signals a potential intention to sell on Binance, the world’s largest cryptocurrency exchange. The timing aligns with Bitcoin crossing the $71,000 threshold, a level often associated with volatility and profit-taking, especially by large-scale holders, or "whales."
The government’s actions reflect the dynamics of holding large Bitcoin reserves in a fluctuating market. With the remaining $886 million still in the government wallet, Bhutan’s holdings may influence Bitcoin's price direction, particularly as they maintain their mining operations and consider further liquidations in response to favorable price movements.