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Bhutan holds another $886 million worth of Bitcoin, which could introduce more selling pressure, as the country has been mining and holding Bitcoin for over five years.
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Bhutan’s government has started selling its quietly accumulated Bitcoin holdings as prices soared above the key $70,000 level.
The Bhutan government-labeled wallet transferred over $66 million worth of Bitcoin (BTC) to the Binance deposit wallet, suggesting that it intends to sell the BTC on the world’s largest cryptocurrency exchange.
The $66.5 million was transferred in two transactions on Oct. 29, according to Arkham Intelligence data.
Bhutan government-labeled wallet, outflows. Source: Arkham Intelligence
The government wallet began selling shortly after Bitcoin surpassed $70,000 for the first time since June 10. Significant price levels like $70,000 can lead to volatility, including profit-taking from large Bitcoin holders, known as whales, who can impact the price of Bitcoin.
BTC/USD, 1-month chart. Source: Cointelegraph
The Bhutan government’s wallet still holds approximately $886 million worth of Bitcoin, which could create further selling pressure for the cryptocurrency, as the wallet has been mining and holding Bitcoin for over five years.
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This is a developing story, and further information will be added as it becomes available.
This article first appeared at Cointelegraph.com News
