Recent actions by Bhutan's government have drawn attention from crypto markets. The government moved 633 BTC to unknown addresses, sparking active discussions.
BTC Transfers by Bhutan's Government
On January 17, Bhutan's government moved 633 BTC in two transactions. The first transaction of 255.26 BTC, valued at $26 million, was sent to an address potentially linked to Binance. The second transaction of 377.78 BTC, worth $38.57 million, was sent to another unknown address. These moves have captured the interest of the international crypto community.
Impact on Crypto Market
Data from Arkham Intelligence indicates that the Bhutanese government still holds 11,055K BTC, valued at $1.13 billion. Market observers are concerned about the potential sale of these assets, which could create downward pressure on the Bitcoin market.
Gelephu's Plans with Cryptocurrencies
Bhutan's Gelephu city plans to include Bitcoin, Ethereum, and BNB in its strategic reserves, aligning with efforts to increase crypto adoption. This decision, amid recent BTC transfers, is generating further interest from market participants.
The actions of Bhutan's government and Gelephu's plans underscore the growing importance of cryptocurrencies in strategic reserves, which could significantly impact the global crypto market.
