Bhutan Government Offloads $33.5M Worth of BTC After Price Soared to $93K

Earlier Thursday, the Royal Government of Bhutan made another notable transaction, transferring 367 bitcoin (BTC) worth $33.5 million to Binance.

This comes after the digital asset hit a new all-time high of $93,477 BTC has been on an upward trajectory since crypto-friendly candidate Donald Trump won the US Presidential election last week. The original cryptocurrency has surged more than 20% since then.

While the government did not disclose the reasons behind the transaction, it appears it is taking advantage of the recent price surge. Typically, when assets leave a wallet and enter a centralized exchange (CEX) like Binance, it often signals a sell-off.

Bhutan Still Holds Over $1B in BTC

However, on-chain data provided by Arkham Intelligence shows that the Bhutan Government still holds a significant portion of BTC worth $1.12 billion.

The Bhutan Government accumulated its BTC via mining rather than direct purchases. It has been mining BTC since 2021 to support the country’s growing interest in cryptocurrency and blockchain technology. Bhutan is the fourth-largest BTC holder among countries, trailing El Salvador, China, and the United States.

Crypto Community Reacts 

The latest transaction sparked reactions from the crypto community, with some urging the government to learn from Germany’s mistake. 

Learn from German mistakes homies. Don’t sell your BTC.

— Naka 🌏☮️ (@Nakameowdough) November 14, 2024

CoinTab recently reported that the German Government missed out on a $1.1 billion profit following its hasty bitcoin sales earlier this year. The government sold all its 50,000 BTC stash at $54,000 between June and August, and the digital asset has appreciated by 30% ever since.

While countries like El Salvador have held strong during this bull run, this is the second BTC transaction Bhutan has made within two weeks. The government previously moved $65 million worth of BTC to Binance.

BTC traded at $89,012 at press time, representing a 20% increase since last week and 25% over the past 14 days.