The Royal Government of Bhutan transferred 213.5 Bitcoin to Binance, coinciding with a recent uptick in Bitcoin price.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
A recent movement of Bitcoin BTC $111 331 24h volatility: 2.2% Market cap: $2.21 T Vol. 24h: $35.77 B by the government of Bhutan has raised suspicions amongst crypto enthusiasts. It turns out that the Royal Government of Bhutan transferred 213.5 Bitcoin to Binance. Notably, this is the second consecutive week that the nation has made such transfers. Also, this coin movement coincides with BTC reaching a new all-time high (ATH) of $112,000.
According to CoinMarketCap data, BTC price reached $112,000 earlier on July 10 but has since dropped slightly to $111,218.88 at the time of this writing. This price level corresponds with a 2.29% increase within the last 24 hours. Around this time, the government of Bhutan removed 213.5 BTC from its Binance deposits.
Based on the current price of Bitcoin, this holding is worth $23.75 million. Blockchain analytics platform Arkham Intelligence noted that these transfers have been ongoing for the last two weeks, sparking speculation of a sell-off. Usually, such large-volume transfers have a mild impact on market sentiment.
Judging by the current price action, it is clear that BTC is exhibiting significant strength and resilience today. The new price discovery zone is a show of this sentiment. Already, market analysts are projecting that the coin will hit $120,000 in no time. Milk Road co-founder Kyle Reidhead was one of those who shared the bullish momentum on X.
He declared on X, “See you at $150k.” His comment followed an earlier analysis showing a bullish cup-and-handle pattern on the weekly chart, which he believes will take BTC to $150,000 very soon.
For now, these analysts are talking about the transfers, with some saying that it is a potential mix of profit-taking near BTC ATH. The BTC movement is also perceived as preparations to fund upcoming domestic blockchain initiatives.
Bhutan holds a Bitcoin Treasury of more than $1 billion, positioning it amongst the most prominent state-level participants in the crypto space. This large holding ranks the country alongside corporate giants like Metaplanet, Tesla, etc. Bhutan has greater BTC reserves than El Salvador, the country that was the first to adopt the flagship cryptocurrency as a legal tender.
In February, Bhutan was in the spotlight for the same reason. The Asian country moved 751 BTC, worth about $74.15 million, to three newly created wallets. The only difference was that the transfer coincided with Bitcoin’s slight drop below $99,000. This did not stop the transfer from setting off speculation across the market.
However, investors were reassured that no action would follow the transfers, recalling that similar past transfers by the government had not resulted in further action. Meanwhile, Bitcoin had been caught up in a tight consolidation range. Many traders are uncertain whether the coin can reclaim its previous highs set in May.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
