Bitcoin has recently surged sharply, frequently rewriting historical highs, and the Bhutanese government has also taken action, transferring over 500 bitcoins to Binance in the past four days. The frequency of these actions has led to much speculation, suggesting that the Bhutanese government is 'preparing to sell for cash' and 'taking profits at a high point.'
Data from the 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, worth about 62.6 million dollars. The latest transaction occurred today (14th) around 2 PM, transferring about 99 bitcoins.
This wave of transfers closely follows a large 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 last November (when bitcoin was nearing $100,000).
From the timing of past transfers, it is widely believed that the Bhutanese government has a keen grasp of the price rhythm of bitcoin and is likely taking profits at a high point.
It is worth noting that Bhutan did not acquire these bitcoins through purchase, but rather relied on its own hydropower resources, investing in green energy mining for many years. To date, it has accumulated 11,411 bitcoins, worth about 1.4 billion dollars, 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.
This article is reprinted with permission from: (Blockke)
Original title: (Taking profits at a high point? Bhutanese government transfers 512 bitcoins in 4 days, all flowing to the same Binance address)
Original author: Block Sister MEL
'Did the Bhutanese government unload? 512 bitcoins transferred in 4 days, all flowing to the same Binance address' was first published in 'Crypto City'
