- Bhutan sells $33M BTC as part of a profit-taking strategy amid the Bitcoin rally.
- Government holds 12,206 BTC, potentially preparing for more sales if prices rise.
- Recent Bitcoin surge could lead Bhutan to sell more assets, boosting reserves.
The Royal Government of Bhutan has made another significant move in the cryptocurrency market. On-chain data shows that Bhutan transferred 367.26 BTC, worth approximately $33.51 million, to the Binance exchange.
This move coincides with Bitcoin’s surge to $93,000, reflecting the government’s strategic approach to capitalizing on market momentum during the rally.
Bhutan’s Bitcoin Holdings and Recent Sales
Bhutan holds a notable position as a major government Bitcoin holder. The government previously maintained 13,011 BTC, ranking as the fourth-largest state holder globally. This latest transfer of 367 BTC marks a substantial portion of their holdings.
This is not an isolated action. Two weeks ago, Bhutan sold $66 million in Bitcoin when prices exceeded $70,000. These actions suggest a calculated strategy of selling during peaks to secure profits and enhance financial stability.
Strategic Timing Behind th…
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