Bhutan Moves 1000 BTC to Binance Raising Market Concerns About a Possible Sell-Off

Bhutan's government has just made a huge Bitcoin move, transferring 929 BTC worth over $66 million to Binance, a leading crypto exchange.

Bhutan's government has just transferred 929 BTC, currently valued at over $66 million, to Binance, a leading cryptocurrency exchange. This move has sparked speculation in the crypto community, as it comes at a time when Bitcoin is trading at high prices, having recently reached $73,000.

The transfer was made in two parts: an initial 100 BTC was sent to a Binance deposit address at 9:09 a.m. UTC, followed by a larger 839 BTC transaction 45 minutes later. The total amount transferred, 929 BTC, is valued at $66.1 million at the current exchange rate.

This is the first time Bhutan has transferred any Bitcoin since July, when it moved 381 BTC to Kraken. Bhutan's motives for making these transfers are not clear, but large crypto deposits to exchanges often indicate a potential sale.

Bhutan has a large Bitcoin reserve, which is managed by state-owned Druk Holdings and is valued at around $887 million, or 12,456 BTC. This reserve makes Bhutan one of the top four countries with the largest Bitcoin reserves.

The country's Bitcoin assets are a major part of its economy, almost a third of its GDP, and are acquired through mining operations conducted in partnership with Bitdeer Technologies.

Bitdeer, a major mining partner, is expanding its facilities and aims to increase Bhutan's mining capacity significantly by 2025.

This recent transfer to Binance has sparked speculation about Bhutan's plans. With nearly 99.7% of the Bitcoin supply in profit and around $1.5 billion in realized profits circulating, Bhutan's actions could amplify the current market activity and potentially influence Bitcoin's price in the short term.

Large Bitcoin transfers to exchanges often indicate a possible sale, especially as Bitcoin's price approaches its all-time high of $73,777.

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