The Kingdom of Bhutan continues to attract attention from crypto enthusiasts due to its mindful approach to cryptocurrencies.
Bhutan Government's Transaction
On November 14, 2024, Lookonchain, a transactions tracker, reported on X (formerly Twitter) that the Royal Government of Bhutan had deposited 365 Bitcoins worth $33.31 million into Binance, the world's largest cryptocurrency exchange. This transaction took place during a period when Bhutan's BTC holdings reached $1 billion. It is believed that this was a profit-taking move or intended for other purposes such as swapping, staking, or other activities.
Bhutan's Current Bitcoin Holdings
Following this significant BTC sale, the Royal Government of Bhutan's Bitcoin holdings decreased to 12,573 BTC, currently valued at over $1.15 billion. In addition to BTC, the government also holds 656 ETH worth $2.11 million. Since 2021, the country has been heavily involved in BTC mining and aims to grow its reserves despite price fluctuations.
Current BTC Price and Open Interest
Despite the substantial sale, Bitcoin's price remains stable around the $91,000 level. Presently, BTC is trading at approximately $90,920, with a gain of over 1.8% in the past 24 hours. Trading volume also rose by 18%, indicating increased interest from traders and investors. BTC's open interest increased by 4.82% in the past 24 hours and 2.9% in the past four hours, reflecting heightened market participation.
Bhutan has shown its ability to actively manage its cryptocurrency portfolio, remaining a significant player in Bitcoin mining and investment.
