The Royal Government of Bhutan has intensified its Bitcoin (BTC) selling spree. Today, the Bhutan government-marked address shifted over $33 million worth of BTC to Binance crypto exchange. This move hints at a major selloff in order to capitalize on the gains associated with BTC price’s latest rally.
Bhutan Government Sells $33M Wortth of Bitcoin
According to data from Arkham Intelligence, the Bhutan government transferred a substantial 367.263 BTC, valued at approximately $33.51 million, to Binance on Thursday, November 14. This continues a recent pattern of significant BTC transactions. This latest move aligns with Bitcoin’s unprecedented rally, which recently pushed the flagship crypto to a historic high above $90,000, peaking near $94,000.
Before transferring the BTC to Binance, Bhutan’s government moved an additional 6.954 Bitcoin, worth an estimated $634,530, to an unverified wallet, reportedly labeled as address 3CEFn. This address has been associated with previous transfers of smaller BTC amounts. Despite the recent series of transfers, Bhutan retains a sizable reserve of approximately 12,206 BTC, now worth over $1.11 billion due to the recent price surge.
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Earlier on October 29, Bhutan had initiated a similar transfer, offloading 929 BTC, valued at $66.1 million, to Binance in two separate transactions. This transaction marked Bhutan’s first significant movement to a crypto exchange since a 381 BTC deposit to Kraken in July.
The recent BTC transfer indicates that the government may have wanted to capitalize on the ongoing BTC rally. However, despite the selloff, Bitcoin price remained resilient at $91,022.58, marking a 3.10% gain. Meanwhile, the BTC market cap stood at a whopping $1.80 trillion. Moreover, analysts and prominent personalities like MicroStrategy’s Michael Saylor are looking forward to the $100,000 target next, which could become a reality in the current month itself.
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