The Royal Government of Bhutan has made a significant move in the cryptocurrency market. On-chain data shows that Bhutan transferred 367.26 BTC to the Binance exchange, worth approximately $33.51 million.
Bhutan’s Bitcoin Holdings and Recent Sales
Bhutan holds a notable position as a major government Bitcoin holder. The country previously maintained 13,011 BTC, ranking as the fourth-largest state holder globally. This latest transfer of 367 BTC marks a substantial portion of their holdings. Two weeks ago, Bhutan sold $66 million in Bitcoin when prices exceeded $70,000. These actions suggest a calculated strategy of selling during peaks to secure profits and enhance financial stability.
Strategic Timing Behind the Actions
This move coincides with Bitcoin’s surge to $93,000, reflecting the government’s strategic approach to capitalizing on market momentum during the rally.
Potential Future Sales and Impact on Reserves
The recent Bitcoin surge could lead Bhutan to sell more assets, boosting reserves. Selling during such peak values could help the government strengthen its financial holdings.
The Kingdom of Bhutan demonstrates skillful application of investment strategy in cryptocurrencies, focusing on increasing stability and strengthening reserves by selling during market peaks.
