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Bhutan's government has sold 929 BTC valued at $66.55 million to Binance, sparking intrigue during Bitcoin's bull run. With a total holding of 12,456 BTC, Bhutan ranks fourth among government Bitcoin holders, raising questions about its crypto strategy amid soaring prices.
Bhutan Begins Liquidating Bitcoin Holdings Amid Bull Run
The Bhutanese royal family has unexpectedly chosen to liquidate some of its cryptocurrency assets. Binance received 929 BTC, or $66.55 million, from a wallet associated with the Bhutanese government, according to Lookonchain. The crypto world is wondering what happened to these huge sums of Bitcoin during the bull run.
Bhutan’s Government Ranks Among Top Bitcoin Holders Globally
Arkham Intelligence reports that the Bhutanese government currently has 12,456 Bitcoins, with a market worth of $886.58 million. In terms of total government Bitcoin holdings, Bhutan ranks fourth internationally, according to new results from blockchain analytics firm Arkham.
Along with Ethereum (ETH) and other cryptocurrencies, including BOBO, SAND, MATIC, BNB, BIM, INS, and USDT, the government-affiliated wallet also has over $1 million worth of Ethereum. Nevertheless, the Bhutanese government’s official wallet still holds Bitcoin, making it the biggest and most dominating holding.
Rising Bitcoin Prices Trigger Strategic Sell-Off
According to Coingape, the decision to liquidate Bitcoin holdings was probably prompted by the price rise over $71,000 in the last 24 hours. The recent upswing in Bitcoin's price could be affected by this disclosure.
A surge in cryptocurrency prices has been caused by the expectation that Donald Trump will maintain his lead over Kamala Harris in the US presidential election, which is due to be decided in less than a week.
Bullish Pattern Sparks Optimism in the Crypto Market
Peter Brandt, a famous trader, also pointed out that Bitcoin has finished a bullish inverted expanding triangle pattern that has been going on for five months. It would appear that the string of lower highs and lows has come to an end as Bitcoin breaks this pattern. This indicates that the post-halving surge might be starting, as analysts predict that Bitcoin will reach $80,000 by the end of November.
With this fresh Bitcoin news, the price of BTC has increased by 4% in the last 24 hours, and it is now trading at $71,136. The low point is $68,409 and the high point is $71,475 for the past 24 hours. Traders are clearly very interested, as the trading volume has surged by 110% in the past 24 hours.
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