The government of Bhutan has begun to offload its Bitcoin holdings as prices exceeded the crucial $70,000 mark.
Recent data from Arkham Intelligence reveals that a wallet associated with the Bhutanese government transferred over $66 million in Bitcoin to a Binance deposit wallet, indicating plans to sell on the prominent exchange.
This transfer occurred in two separate transactions on October 29, coinciding with Bitcoin’s rise above $70,000 for the first time since early June.
Such significant price milestones often trigger volatility, prompting major holders, or “whales,” to take profits, which can further influence market dynamics.
Currently, the Bhutan government retains around $886 million in Bitcoin. This substantial holding, accumulated over five years of mining and accumulation, could potentially exert additional selling pressure on the cryptocurrency market.
At the time of writing, BTC is trading at around $71,300, closing in on its previous all-time high (ATH).
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.