Overview

The Royal Government of Bhutan has executed a transfer of 137.245 BTC, which is valued at approximately $14.77 million, to the leading cryptocurrency exchange, Binance, on June 30. This transfer indicates Bhutan’s total Bitcoin holdings have now escalated to 11,924 BTC, equating to around $1.28 billion at the current market valuation of about $107,000.

Buddha point, Thimphu, Bhutan

Buddha point, Thimphu, Bhutan (Passang Tobgay/Unsplash)

Key Points

• The transfer is typically a signal of intent to sell when holders move cryptocurrencies to exchanges.
• Bhutan’s position as a notable figure in the crypto sphere seems solidified, largely due to its state-supported mining operations under Druk Holdings, in partnership with Bitdeer Technologies, which aims to escalate local mining capacity significantly by 2025.

The recent deposit on Binance has spurred discussions regarding potential selling pressures, raising eyebrows about why Bitcoin hasn’t reached new peaks, especially in light of major corporate purchases. This situation, however, is influenced by larger holders like Bhutan, who may find it favorable to liquidate portions of their assets while the market trends heavily toward buying, which balances any evident selling pressure.