Bitcoin Rally – Why Bhutan Is Selling Bitcoin Right Now
Bitcoin Rally – The Royal Government of Bhutan is making headlines after quietly transferring 99.47 Bitcoin (BTC)—worth over $12 million—to Binance, through its investment arm Druk Holding. This latest move, flagged by blockchain analytics firm Onchain Lens, adds to a total of 650 BTC—valued at $74.24 million—shifted over the past two weeks.
The timing has caught the crypto world’s attention. With Bitcoin surging past $120,000 for the first time, many see Bhutan’s activity as a strategic move to capitalize on market highs.
Bhutan’s Wallet Activity Ramps Up With BTC Rally
After two weeks of dormancy, Bhutan’s government wallet sprang into action on June 30, moving 137.24 BTC to Binance when Bitcoin was priced around $107,000, totaling approximately $14.7 million. Since then, transfers have ranged between 2 to 200 BTC, with the latest occurring just two hours after BTC touched $120,000—a clear indication of well-timed execution.
At the time of writing, Bitcoin trades at $122,300, showing continued bullish momentum. While the Bhutanese government has yet to comment, the timing of these transactions suggests active treasury management amid favorable market conditions.
Bhutan Holds Over $1.4B in Bitcoin Reserves
According to Arkham Intelligence, Bhutan currently holds 11,411 BTC, now worth nearly $1.4 billion, along with 656 Ether (ETH) valued at close to $2 million.
Under the leadership of King Jigme Khesar Namgyel Wangchuck, Bhutan has integrated cryptocurrency into its national strategy, exploring avenues like hydro-powered Bitcoin mining and crypto reserves.
In May, Bhutan announced a partnership with Binance to roll out crypto payments aimed at boosting tourism—a sector recovering post-pandemic. However, the country still faces challenges such as unreliable internet infrastructure, which could hinder wider crypto adoption.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
