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The Royal Government of Bhutan recently sold $40 million in Bitcoin, retaining a staggering $1.16 billion worth of the cryptocurrency. The move comes as BTC faces resistance at $100K, keeping analysts bullish on long-term growth.
Bhutan's $40M Bitcoin Transfer Sparks Speculation
The Royal Government of Bhutan sent 406 BTC, or around $40 million, to QCPCapital, according to on-chain data from Arkham Intelligence. Many people are talking about the transfer since they think it's a selling move.
Based on the numbers, the government of Bhutan is the fourth-largest government holder of Bitcoin (BTC) in the world, with 11,791 BTC in its vault.
Its Bitcoin assets are still worth roughly $1.164 billion at the present BTC price. An important fact about Bhutan is that it is a sanctuary for Bitcoin miners, and the government gets most of its BTC from hydro-powered mining operations.
Bitcoin Sales in Bhutan Reach $139 Million
The royal government of Bhutan has sold 1,696 bitcoins, worth almost $139 million, at an average price of $81,999, since the price of bitcoin rose in late October. Binance and QCP Capital were the intermediaries they used to complete the deals.
Coincident with the development, long-term holders have been selling Bitcoin, causing its price to struggle to break beyond the $100,000 barrier. At the time of writing, the market capitalization was $1,943 trillion, and the price of Bitcoin was trading 1.6% lower at $98.190, Coingape shares.
In all, 139,960 Bitcoin options contracts will reach their expiration on December 27, 2024, according to data from Deribit, when looking at open interest (OI) for that month.
Traders Prepare for 2024 Bitcoin Contract Expirations
Although a squeeze higher could happen if spot prices climb, QCP is not expecting it to happen too often. The firm saw that numerous traders were cashing out their long BTC-100k-C positions and shifting their bets to March (130k-150k), suggesting that there is a substantial supply of upside gamma.
Bitcoin price is stubbornly unable to break $100K in the near term, while analysts maintain their bullish outlook for 2025.
Bullish Bitcoin Projections for 2025 Persist
By the end of 2025, Bitcoin will hit $200,000, according to Standard Chartered. Higher rallies can be propelled by institutional buying by companies like MicroStrategy and inflows into Bitcoin ETFs.
Furthermore, next year, tech behemoths like Microsoft and Amazon are reportedly planning to develop their Bitcoin treasury.
Next week, all eyes will be on the US Consumer Price Index (CPI) inflation numbers, which might have a significant impact on the cryptocurrency market. Also, when the US Producer Price Index (PPI) numbers are released, investors will be watching them intently.
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