Bhutan, a discreet but significant Bitcoin holder for over five years, reportedly holds a Bitcoin reserve valued at approximately $886 million. Recently, the Bhutanese government began selling parts of its Bitcoin stockpile as prices climbed past $71,000, potentially adding selling pressure to the crypto market.
On October 29, Bhutan transferred around $66.5 million in Bitcoin to a Binance deposit wallet in two transactions, as tracked by Arkham Intelligence, suggesting an intent to sell on the major exchange. This move coincides with Bitcoin reaching the volatile $71,000 level, often linked to profit-taking by major holders, or “whales.”
These strategic sales highlight the complexities of managing large Bitcoin reserves in a fluctuating market. With $886 million still in their wallet, Bhutan’s holdings and potential further liquidations could impact Bitcoin’s price trajectory, as the government continues mining and adjusts its strategy based on favorable price trends.
