Bhutan Transfers 929 BTC Worth Over $66 Million to Binance Amid Price Surge:
The Royal Government of Bhutan recently transferred 929 BTC, valued at over $66 million, to crypto exchange Binance as Bitcoin’s price surged past $71,000. This move has raised questions, given Bhutan’s significant Bitcoin holdings of 12,456 BTC, valued at approximately $886.58 million.
Bhutan’s Bitcoin Holdings Reduction Sparks Speculation:
On-chain data from Lookonchain shows that Bhutan’s government transferred 929 BTC to Binance during a bullish market trend. This decision has sparked speculation within the crypto community, especially with BTC prices at their highest levels this year. According to Arkham Intelligence, Bhutan ranks fourth globally in government Bitcoin holdings. Alongside Bitcoin, Bhutan’s wallet also includes Ethereum (worth over $1 million), and other cryptocurrencies like BOBO, SAND, MATIC, and BNB.
Will Bitcoin’s Rally Continue?
Bitcoin’s rally is influenced by positive market sentiment, upcoming U.S. election results, and a bullish pattern identified by trader Peter Brandt, who noted Bitcoin’s five-month inverted expanding triangle pattern. The end of a sequence of lower highs and lows could signal a post-halving rally, with analysts projecting a potential climb to $80,000 by late November.
Currently, Bitcoin is trading at $71,136, with a daily low of $68,409 and a high of $71,475. Trading volume surged by 110% in the last 24 hours, highlighting significant market interest.
