Bhutan Government Moves $23.73M Bitcoin to Binance Again – Timing the Market?

Key Points

1. Bhutan moved 213 BTC across multiple transactions, with the largest single transfer worth $23.18 million occurring two hours before market close.

2. The country's remaining Bitcoin holdings are 11,711 BTC worth $1.3 billion, contrasting with El Salvador's buy-and-hold strategy.

3. Bhutan began mining Bitcoin in 2019, building reserves through energy-efficient operations that contribute over 25% of its GDP.

4. Druk Holdings and Investments, Bhutan’s sovereign investment arm, has mined 13,011 BTC and diversified into Ethereum and BNB.

5. Bhutan partnered with Binance Pay and DK Bank to enable cryptocurrency payments across over 100 local merchants, supporting over 100 cryptocurrencies.