The Bhutan government moved part of its BTC holdings to the Binance exchange as it sought to offload these coins. This move comes amid the recent parabolic rally for the Bitcoin price, which indicates that the government might simply be looking to secure profits.
Bhutan Sells $33 Million Worth Of Bitcoin
Arkham Intelligence data shows that the Royal Government of Bhutan moved just over 367 BTC ($33 million) to the Binance exchange today. This indicates that the government offloaded these coins in a move that could be an act of profit-taking following the recent Bitcoin price rally.
The government had made a similar move about two weeks ago when they sold $66 million worth of BTC through the top exchange. Back then, they sold those coins just as the Bitcoin price rallied above $70,000.
On-chain data shows that Bhutan still holds 12,206 BTC ($1.11 billion), which they may likely offload as the Bitcoin price continues to rally in this bull run. BTC has witnessed a parabolic rally since pro-crypto Donald Trump won the election. This has led to predictions that the flagship crypto could hit $100,000 by year-end.
Interstingly, under the Donald Trump administration, the US looks likely to match Bhutan’s active approach of accumulating the flagship crypto. Although the US is currently the largest Bitcoin holder among governments, its BTC holdings have come through seizures rather than actively accumulating the coin.
However, Trump has promised to create a Strategic Bitcoin Reserve using these BTCs. Furthermore, pro-crypto Senator Cynthia Lummis has proposed a bill that would allow the US to acquire 1 million BTC annually over the next five years.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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