The Bhutanese government has sold over $66 million in Bitcoin as prices soared past $70,000. The transaction, involving two transfers on October 29, indicates a strategy to take profits amidst market volatility. Approximately $886 million in Bitcoin remains in the government’s wallet, suggesting potential future market impacts.

The Royal Government of Bhutan has initiated the liquidation of a portion of its discreetly amassed Bitcoin reserves, coinciding with a surge in Bitcoin prices surpassing $70,000. Specifically, a wallet associated with the Bhutanese government has transferred Bitcoin valued at over $66 million to Binance, one of the largest cryptocurrency exchanges globally. This transaction, amounting to $66.5 million, occurred on October 29 and was confirmed through data provided by Arkham Intelligence. Notably, these transactions ensued shortly after Bitcoin reached the significant threshold of $70,000, which had not been achieved since June 10. Such pivotal price milestones often trigger considerable market volatility, particularly due to profit-taking actions initiated by large Bitcoin holders, frequently referred to as “whales.” It is noteworthy that the government’s wallet still retains approximately $886 million worth of Bitcoin, which may exert additional selling pressure on the market, as it has been engaged in mining and accumulating Bitcoin over a span of more than five years.

The move by the Bhutanese government to sell its Bitcoin holdings comes amidst a significant price rally in the cryptocurrency market. Bitcoin, widely regarded as the benchmark cryptocurrency, has seen substantial fluctuations, with key price levels often leading to strategic selling by major holders. The Bhutanese government has been involved in the Bitcoin space for several years, primarily engaging in mining activities, thereby resulting in a considerable accumulation of this digital asset. Such a large-scale sell-off can potentially influence market dynamics given the sizable volume of Bitcoin held by the government.

In summary, the Bhutanese government’s decision to liquidate part of its Bitcoin assets in response to rising prices signifies a strategic move likely aimed at capitalizing on the recent market fluctuations. Given the substantial holdings remaining in the government wallet, further actions could be expected, potentially impacting the cryptocurrency market significantly.

Original Source: cointelegraph.com

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