Bitcoin has recently surged sharply, frequently rewriting historical highs. The Bhutanese government has also seized the opportunity, transferring over 500 bitcoins to Binance over the past 4 days, prompting speculation that the government is 'preparing to sell coins for cash' and 'taking profits at a high point.'
Data from on-chain tracking platform Arkham Intelligence shows that since last week, the Bhutanese government has made 6 transfers to the same Binance deposit address, totaling 512.84 bitcoins, valued at approximately 62.6 million USD. The latest transaction occurred today (14th) around 2 PM, transferring about 99 bitcoins.
This wave of transfers closely follows a significant operation at the end of June this year—when the Bhutanese government also transferred 137.25 bitcoins to the same address, marking the largest asset movement since November last year (when bitcoin was nearing 100,000 USD).
Based on the timing of past transfers, outsiders generally believe that the Bhutanese government has a keen grasp of bitcoin's price rhythm and is likely taking profits at a high point.
It is worth noting that Bhutan did not acquire these bitcoins through purchase, but relied on its own hydropower resources, investing in green energy mining for many years, and has accumulated a total of 11,411 bitcoins, valued at about 1.4 billion USD, which is equivalent to over 40% of its Gross Domestic Product (GDP).
Bhutan's bitcoin assets are managed by the national sovereign fund Druk Holdings & Investments (DHI), making it one of the few sovereign entities in the world with a large bitcoin reserve.
"Taking profits at a high point? The Bhutanese government transferred 512 bitcoins in 4 days, all to the same Binance address." This article was first published by (Blockke).
