Bhutan Commences Bitcoin Divestment Amid Surging Prices

The government of Bhutan has started selling its Bitcoin holdings as the price rose above $70,000. According to data from Arkham Intelligence, a wallet linked to the Bhutanese government transferred over $66 million worth of Bitcoin to a Binance deposit wallet, indicating plans to sell on the popular exchange. This transfer took place on October 29, coinciding with Bitcoin’s surge above $70,000 for the first time since June. Major price milestones like this often lead to volatility and prompt large holders, or “whales,” to take profits, which can further impact the market. Currently, the Bhutan government still holds approximately $886 million in Bitcoin, which it has accumulated over five years through mining and accumulation. This substantial holding could potentially add to the selling pressure in the cryptocurrency market. As of now, BTC is trading at around $71,300, approaching its previous all-time high.