Bhutan Begins Offloading Bitcoin Holdings as Prices Surge

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.

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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).

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.