The leading cryptocurrency, Bitcoin (BTC), broke a record this week, rising above $93,000. This rapid rally in a short period of time has mobilized some Bitcoin miners and whales. Among these whales is Bhutan, known for its cautious approach to the cryptocurrency world. The country’s cautious approach to crypto is attracting the attention of crypto enthusiasts. In a new development, the Royal Government of Bhutan announced that it sold 365 BTC worth $33.31 million on the Binance exchange.
Bhutanese Government Sells $33.31 Million Worth of Bitcoin to Binance
As you follow on Kriptokoin.com, the Bitcoin price has fallen below $90,000 in recent hours. The sales of miners and large Bitcoin holders have had a major impact on this decline. Lookonchain, which tracks on-chain data, reported that the Royal Government of Bhutan sold 365 BTC worth a total of $33.31 million to Binance, the world's largest cryptocurrency exchange. This transaction was carried out immediately after Bitcoin reached its all-time high (ATH). The sale, which was made during this period when the government's BTC assets reached $1 billion, may have been made for profit booking or other financial transactions.
How Much Does Bhutan Have in Bitcoin Assets?
Following this significant BTC sale, the Royal Government of Bhutan’s Bitcoin holdings have seen some decline. However, Bhutan still holds 12,573 BTC, worth around $1.15 billion. The government also holds another 656 ETH (around $2.11 million) in crypto assets. Bhutan has been actively mining Bitcoin since 2021 and has been aiming to increase its BTC reserves ever since. Boldly holding 12,573 BTC, Bhutan is one of the largest government holders of Bitcoin and currently the fourth largest government holder of BTC.
Bitcoin Price and Bhutan’s Sale
This massive BTC sell-off on Binance did not significantly affect the Bitcoin price. However, with the loss of the $90,000 level, BTC dropped to $88,453. Currently, Bitcoin is down 5% on a daily basis, while it is still up 16% on the weekly chart. At the same time, the trading volume is down 5%, indicating a slight decrease in trader and investor participation.
Bhutan’s BTC Move and Market Impact
Bhutan’s Bitcoin sell-off highlights how some investors are looking to profit from the recent price rally. This could create short-term selling pressure on Bitcoin and increase the likelihood of a price correction. Crypto analyst Ali Martinez said a price correction could occur soon. Martinez said the TD Sequential Indicator is giving a sell signal on the daily chart, indicating that the Bitcoin price could continue to correct.
However, while some big whales, like Bhutan, are dumping their coins, other big investors are still accumulating for the next phase of the bull run. Martinez shared Santiment data indicating that Bitcoin whales bought more than 100,000 BTC last week. This could be a significant indicator for the future of the market.