Blockchain data shows that Bhutan’s government recently transferred over $66 million in Bitcoin to Binance.
Data from the blockchain analytical platform Arkham Intelligence showed that the Bhutan government-labelled address initiated three transfers out of its balance within four hours.
The authorities first moved 4.683 BTC, valued at $332,000, to an unlabelled address before transferring around 103 BTC (equivalent to $7.1 million) to Binance, followed by another 839 BTC (about $59 million).
The motivation behind these sales remains unknown. However, some market analysts suggest it could be a strategy to lock in profits, as Bitcoin recently surged past $70,000—the highest level since June.
However, the move has sparked debate within the crypto community. Some have questioned Bhutan’s decision to sell Bitcoin now, pointing to El Salvador as an example of a nation adopting a long-term approach to Bitcoin holdings.
Pledditor, a well-known Bitcoin community member, stated that Bhutan would “regret” its decision to sell BTC because they do not view it as a long-term asset treasury. He stated:
“We’ve never gotten confirmation that Bhutan shares the same view as El Salvador on bitcoin. It’s looking more like they just see Bitcoin as some sor
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Author: Oluwapelumi Adejumo
