The Royal Government of Bhutan has recently initiated a transfer of over $23 million in Bitcoin to the Binance exchange. This comes amidst market volatility as Bitcoin reached a new all-time high.
Bhutan Transfer Data
According to blockchain analytics platform Arkham Intelligence, Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), transferred 213.5 BTC, valued at $23.73 million, to a Binance deposit address on Wednesday. This marks the second significant transfer the country has made in two weeks, suggesting a possible sale.
Bhutan's Crypto Portfolio
Arkham's tracking data shows that Bhutan’s overall crypto portfolio rose to $1.304 billion as of July 10, up from $1.26 billion the previous week. The government's net gain over this period stood at $38.4 million, largely due to bullish market conditions. As of July 3, the government held 11.93K BTC valued at $1.26 billion, and by July 10, Bitcoin's value increased, pushing Bhutan's total holdings to $1.3 billion.
Old Wallet Movements and the Market
The recent activity in the government's Bitcoin wallets coincides with the movement of funds from long-held, dormant wallets. Blockchain data indicates that older Bitcoin holdings have started to move, a development analysts often interpret as profit-taking. Simultaneously, trading volume on Binance has surged, potentially driven by forced market buys following the liquidation of short positions.
Given the recent trends in the cryptocurrency market and the actions of the Bhutanese government, there is an intriguing response to Bitcoin's price changes. Potential sales by Bhutan and the movements of old wallets may signal further changes in the crypto landscape.
