Bhutan Government Transfers 633 BTC Amid Market Recovery, Raising Concerns
The Royal Government of Bhutan recently moved 633 BTC to unknown addresses, sparking global discussions and raising concerns over potential selloffs. On-chain data shows the transfers occurred on January 17, with 255.26 BTC (valued at $26M) sent to one address, possibly linked to Binance, and another 377.78 BTC (worth $38.57M) sent to a separate unidentified address.
These transactions, coinciding with Bitcoin’s recovery to $102K, have caught the crypto community’s attention. Bhutan’s government still holds 11.055K BTC (valued at $1.13B), according to Arkham Intelligence. However, the motive behind these transfers remains unclear, fueling speculation about possible market turbulence if the holdings are liquidated.
Adding to the intrigue, Bhutan’s Gelephu Mindfulness City recently announced plans to include Bitcoin, Ethereum, and BNB in its strategic reserves, reflecting the nation’s broader embrace of crypto. These moves come at a time when Bitcoin’s price is on an upward trajectory, fueled by market optimism as Donald Trump’s inauguration approaches.
Bitcoin is currently trading at $102,303, up 3% intraday, with a $130K price target anticipated amid bullish trends and increased whale activity. However, the impact of Bhutan’s large transfers on the flagship cryptocurrency remains a focal point for market watchers.
