Bhutan Just Moved $23M in Bitcoin, Is the Country Cashing Out at the Top?
Main Idea
Bhutan moved $23 million worth of Bitcoin to Binance, raising questions about whether the country is cashing out at a market peak, while maintaining a significant Bitcoin reserve managed by its state-owned investment firm.
Key Points
1. Bhutan transferred 212.31 BTC (worth ~$23 million) to Binance, with additional transfers of 136.99 BTC (~$14 million) to the same exchange.
2. Bhutan currently holds approximately 11,711 BTC (~$1.2 billion), making up about 40% of its GDP, and ranks as the sixth-largest known nation-state holder of Bitcoin.
3. The country's Bitcoin assets are managed by Druk Holding & Investments, its state-owned investment firm, which has built a sizable digital asset portfolio over the years.
4. Bhutan's Bitcoin holdings were reportedly acquired through mining operations utilizing its sustainable hydropower resources, aligning with its economic strategy.
5. The timing of the transfers coincides with Bitcoin's price peaks, similar to a previous $33 million deposit in November 2024.
Description
The Royal Government of Bhutan has transferred a significant portion of its Bitcoin holdings to Binance, raising speculation about potential asset offloading during a high point in the market. According to data from blockchain analytics platform Arkham, Bhutan moved 212.31 BTC, worth roughly over $23 million, to a Binance deposit address early Thursday, just hours after Bitcoin briefly surpassed its previous all-time high. Strategic Transfers and Onchain Footprints This is not the first such tra...
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