Bhutan gov’t sells $66M of Bitcoin stash as price tops $71K

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As an analyst with over two decades of experience in the financial markets, I find myself intrigued by Bhutan’s sudden decision to sell its Bitcoin holdings. With my background in economics and finance, I can appreciate the strategic move to capitalize on the current bull run. However, as a seasoned market observer, I am cautious about the potential impact of such large-scale selling on the volatile Bitcoin market.

Bhutan’s administration has begun to cash out its previously amassed Bitcoins as their value surpassed the significant $70,000 price point.

It appears that a digital wallet linked to the Bhutanese government, marked as such, moved approximately $66 million in Bitcoin (BTC) into the deposit wallet of Binance, a well-known global cryptocurrency exchange. This action could indicate that the government is planning to sell its BTC holdings on this platform.

On October 29th, as per data from Arkham Intelligence, the sum of approximately $66.5 million was moved across two separate transfers.

After Bitcoin reached an all-time high of $70,000 on June 10, the government wallet started trading shortly thereafter. Levels such as $70,000 often cause market fluctuations, including the selling by large Bitcoin owners (referred to as “whales”) who can significantly affect Bitcoin’s price due to their substantial holdings.

Approximately $886 million in Bitcoin remains stored within a digital wallet owned by the Bhutanese government, a sum that could potentially increase the selling force in the Bitcoin market, given that this wallet has been involved in Bitcoin mining and accumulation for more than half a decade.

This is a developing story, and further information will be added as it becomes available.

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2024-10-29 14:49