Bhutan Begins Offloading Bitcoin Holdings as Prices Surges

The government of Bhutan has begun to offload its Bitcoin holdings as prices exceeded the crucial $70,000 mark.

Recent data from Arkham Intelligence reveals that a wallet associated with the Bhutanese government transferred over $66 million in Bitcoin to a Binance deposit wallet, indicating plans to sell on the prominent exchange.

This transfer occurred in two separate transactions on October 29, coinciding with Bitcoin’s rise above $70,000 for the first time since early June.

Such significant price milestones often trigger volatility, prompting major holders, or “whales,” to take profits, which can further influence market dynamics.

Currently, the Bhutan government retains around $886 million in Bitcoin. This substantial holding, accumulated over five years of mining and accumulation, could potentially exert additional selling pressure on the cryptocurrency market.

At the time of writing, BTC is trading at around $71,300, closing in on its previous all-time high (ATH).