The Bhutanese government's move of BTC is sparking speculation as BTC crossed the $71,000 mark
The Bhutanese government began to quietly move its accumulated #bitcoin holdings as prices soared above the critical $70,000 mark. A Bhutanese government wallet transferred 935 #BTC worth $66 million to a deposit wallet on #Binance , signaling its intention to sell BTC on the world's largest cryptocurrency exchange.
$66.5 million was transferred in two transactions on Oct. 29. The Bhutanese government now holds a total of 12,450,000 BTC worth $886.84 million. Earlier today, Bhutan transferred another 102 BTC worth more than $7 million to Binance.
the Royal Government of Bhutan transferred $929 $BTC ($66.16 million) to #Binance in the last hour.
the transaction came amid a recent surge in the price of bitcoin. The major cryptocurrency is currently trading at $71,667, up more than 3% in the last 24 hours and approaching the high of $73,700 reached in March this year.
the latest transactions, Binance is the leading Bhutanese exchange with total deposits and withdrawals of $254.3 million, while other exchanges such as Celsius and Kraken are also used but with relatively low transaction volumes.
the government wallet also holds more than $1 million in Ethereum and cryptocurrencies such as BOBO, SAND, MATIC, BNB, BIM, INS and USDT. However, bitcoin remains the largest and most dominant holding. Just last month, Bhutan overtook El Salvador to become the largest bitcoin holder in South Asia.
The bitcoin holdings are reportedly linked to Druk Holdings and Investments (DHI), the investment arm of the Kingdom of Bhutan, which utilizes the country's abundant hydroelectric power to mine bitcoin.
Read us at: Compass Investments
