Bhutan’s government sent 929 BTC worth over $66 million to crypto exchange Binance, as price surged above $71,000.
The Royal Government of Bhutan transferred 929 BTC to Binance, an on-chain data analyst reported on Tuesday, as the Bitcoin price surged past $71,000 amid favorable market conditions, the upcoming U.S. elections, and strong technical indicators on Bitcoin’s chart.
Bhutan’s BTC Sale: What’s Next?
In a surprising move, the Bhutanese government has opted to reduce its Bitcoin holdings.
Lookonchain reported that the government-linked wallet sent 929 BTC, valued at approximately $66.55 million, to Binance.
This sizable BTC transfer during a bull market has sparked speculation across the crypto community.
According to recent data from Arkham Intelligence, the Bhutanese government’s wallet now holds 12,456 BTC, worth about $886.58 million. Arkham’s analysis places Bhutan as the fourth-largest government holder of Bitcoin worldwide.
The same wallet also includes Ethereum holdings worth over $1 million, as well as other cryptocurrencies like BOBO, SAND, MATIC, BNB, BIM, INS, and USDT, though Bitcoin remains its primary asset.
The decision to sell was likely prompted by Bitcoin’s recent rally above the $71,000 mark, which could influence further price movements.
Will Bitcoin’s Rally Continue or Decline?
With the U.S. election just a week away, speculation impacts the crypto market as Donald Trump leads Kamala Harris in prediction markets, fueling optimism among traders.
Additionally, well-known trader Peter Brandt observed that Bitcoin recently completed a five-month inverted expanding triangle pattern, a bullish signal.
With Bitcoin breaking out of this pattern, the sequence of lower highs and lower lows appears to be over, suggesting a potential post-halving rally. Analysts predict BTC could reach $80,000 by late November.
Following these developments, BTC’s price rose by 4% over the last 24 hours, currently trading at $71,136, with a 24-hour range of $68,409 to $71,475.
Trading volume also increased by 110%, showing significant interest from traders.
