Bhutan Government moves another 365 Bitcoin to Binance wallet
On Thursday, the Royal Government of Bhutan moved about 365 Bitcoin (BTC) worth roughly $33.3 million to a deposit address on the Binance cryptocurrency exchange, while BTC was trading at over $90,000.
Bhutan sells $33 million worth of BTC
The onchain analytics platform Arkham, which started monitoring Bhutan's holdings in September, disclosed that the country transferred $33.3 million worth of BTC to Binance at 12:06 a.m. UTC.
In addition to the 929 BTC ($66.1 million) that was transferred to the cryptocurrency exchange on October 29, Bhutan may have sold off close to $100 million worth of bitcoin during the recent surge in price. It's unclear why the most recent transfer occurred, but deposits to cryptocurrency exchanges are often made in order to sell assets.
According to Arkham's data, Bhutan deposited 381 BTC, or $24.1 million at the time, to Kraken on July 1st, making the combined transfers to Binance the first time the country has sent bitcoin to a cryptocurrency exchange.
Royal Government of Bhutan still holds 12,206 Bitcoin amid bull run
Onchain Lens, a blockchain analytics platform, was the first to notice the move. But according to Arkham, Bhutan still has about 12,206 Bitcoin, which is worth about $1.12 billion right now. Bhutan's only other sizable cryptocurrency holding is 656 ETH ($2.1 million).
Druk Holding & Investments, Bhutan's state investment arm, is in charge of Bitcoin. According to Bitcoin Treasuries data, Bhutan's balance places it as the fifth-largest nation-state holder of Bitcoin, behind the US with 208,109 BTC, China with 190,000 BTC, the UK with 61,245 BTC, and Ukraine with 46,351 BTC.
United States indicates interest in Bitcoin Reserve Strategy
Bhutan has been mining bitcoin to increase its reserves, using its abundant hydroelectric power to power environmentally friendly mining operations, in comparison to many other countries that typically obtain their bitcoin through criminal seizures.
The most recent transfers also coincide with rumors that other countries have started purchasing the asset in order to support U.S. President-elect Donald Trump's promise to establish a national bitcoin reserve. Additionally, a bill that would allow the US to purchase one million Bitcoin a year for the next five years has been proposed by pro-crypto Senator Cynthia Lummis.
According to CoinMarketCap, as of the time of writing, the price of Bitcoin was approximately $88,647.62, down 3.79% in the past 24 hours. It appears the BTC sold by the Bhutan Government put the asset at risk of dropping below the $90,000 mark it hit recently.
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