Bhutan Transfers $62 Million in Bitcoin to Binance

The Royal Government of Bhutan has transferred 512.84 BTC, worth approximately $62.6 million, to Binance over the past four days, coinciding with a significant surge in bitcoin prices. According to Arkham data, there have been six transfers to the same Binance deposit address since last Thursday, with the latest transfer of 99 BTC occurring early today at around 2:10 a.m. ET. This series of transactions follows Bhutan's earlier transfer of 137.245 BTC to the same address two weeks ago and marks the largest movement of its bitcoin holdings since a $33 million deposit in November, when bitcoin prices were nearing $100,000. Such activity suggests a possible strategy of selling bitcoin during price rallies. Currently, the Bhutan government holds 11,411 BTC, valued at approximately $1.4 billion, which constitutes over 40% of the country’s gross domestic product. These bitcoin assets are managed by Druk Holdings & Investments, Bhutan's sovereign wealth fund. Notably, the country has been accumulating its bitcoin reserves primarily through mining, leveraging its abundant hydroelectric power to sustain eco-friendly mining operations. In related news, bitcoin reached a new all-time high of over $123,000 today, driven by increased institutional demand and expectations for favorable crypto regulations in the U.S. As reported by The Block, bitcoin is currently trading at $122,779, reflecting a 4% increase.