Bhutan Moves $59M Bitcoin: Sell-Off Incoming?

Bhutan's Bitcoin Holdings in Motion

The Royal Government of Bhutan, known for its progressive stance on crypto, recently transferred 517 Bitcoin, valued at approximately $59 million, to a new wallet on Tuesday. The movement was tracked by Arkham Intelligence.

Potential Implications of the Transfer

While the exact reason behind the transfer remains undisclosed, previous actions by the Bhutanese government have led to speculation about a potential sell-off. Historically, large Bitcoin transfers have been followed by sales, often through exchanges like Binance.

In mid-July, for instance, Bhutan moved 650 BTC, then worth around $74 million, to Binance.

Bhutan's Substantial Bitcoin Reserve

Despite these transfers, Druk Holdings, the investment arm of the Bhutanese government, continues to hold a significant amount of Bitcoin. Currently, their holdings stand at 10,769 BTC, estimated to be worth $1.2 billion.

At the time of writing, Bitcoin is trading around $114,500, a 3% dip over the last week, as per TradingView data.

Bhutan's Pro-Crypto Stance

Bhutan's interest in crypto extends beyond investment. In May, the nation pioneered a nationwide crypto-powered payment system tailored for its tourism sector, which Binance Pay and DK Bank, a state-owned entity, are helping facilitate.

Sustainable Crypto Mining

Furthermore, Bhutan is actively exploring green crypto mining, harnessing its hydropower resources. This eco-friendly approach aims to attract investments aligned with corporate ESG (Environmental, Social, and Governance) goals.