Bhutan set to sell $15 million worth of $BTC , country's reserves near $1.3 billion
The royal government of Bhutan transferred about 137,245 bitcoins, worth about $14.77 million, to crypto exchange Binance on June 30.
The move is usually an indication that the government is interested in selling.
During the transfer, Bhutan's total bitcoin reserves have reached 11,924 bitcoins, with a market value of about $1.28 billion, while the current price of bitcoin is around $107,000.
Bhutan, a small Himalayan country, has now become a major player in the cryptocurrency world. Its $BTC reserves are a significant part of the country's economy, mainly accumulated through government-sponsored mining operations.
The mining operations are being carried out in collaboration with Bitdeer Technologies under Druk Holdings, which plans to increase local mining capacity to 600 megawatts by 2025.
The government’s recent move to Binance has raised the possibility of a sell-off in the market, but there has been no official comment from the government on the reason for the move.
In the meantime, investors are also wondering why Bitcoin is not reaching new highs, even though large companies are continuing to buy.
Experts say that large holders like Bhutan, who are sitting on their profits, are balancing the market by selling some of their shares, which is leading to a reduction in heavy buying pressure.
This report was prepared with the help of AI tools, which has been checked and verified by human editors to ensure the accuracy and quality of the information. ...