 Bhutan gov’t moves $66M of Bitcoin stash to Binance as price tops $71K 
2024-10-29

Bhutan’s government has started selling its quietly accumulated Bitcoin holdings as prices soared above the key $70,000 level.
The Bhutan government-labeled wallet transferred over $66 million worth of Bitcoin BTCUSD to the Binance deposit wallet, suggesting that it intends to sell the BTC on the world’s largest cryptocurrency exchange.
The $66.5 million was transferred in two transactions on Oct. 29, according to Arkham Intelligence data.
The government wallet began selling shortly after Bitcoin surpassed $70,000 for the first time since June 10. Significant price levels like $70,000 can lead to volatility, including profit-taking from large Bitcoin holders, known as whales, who can impact the price of Bitcoin.
The Bhutan government’s wallet still holds approximately $886 million worth of Bitcoin, which could create further selling pressure for the cryptocurrency, as the wallet has been mining and holding Bitcoin for over five years.
This is a developing story, and further information will be added as it becomes available.