Bhutan Quietly Sells Bitcoin as Reserves Reach $886 Million Amid Price Surge
Over the past five years, Bhutan has quietly built a significant Bitcoin reserve, now valued at around $886 million. Recently, the Bhutanese government began selling portions of its holdings as Bitcoin prices spiked above the key $71,000 level, potentially adding selling pressure in the crypto market.
In a notable recent transaction, Bhutan transferred approximately $66.5 million worth of Bitcoin to a Binance deposit wallet on October 29, as tracked by Arkham Intelligence. This move suggests an intention to sell on Binance, the world’s largest crypto exchange, at a time when Bitcoin's price is seeing heightened volatility and large holders, or "whales," are engaging in profit-taking.
This strategic sale highlights the impact that major Bitcoin holders can have on market dynamics. With $886 million still in their Bitcoin wallet, Bhutan's decisions to buy, hold, or sell could influence Bitcoin's price, especially as they continue mining operations and consider further sales based on favorable market conditions.
