Bitcoin Profit Taking: Could Bhutan’s 929 BTC Move Signal a Sell-Off?

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Bhutan’s government has just made a huge Bitcoin move, transferring 929 BTC worth over $66 million to Binance, a leading crypto exchange. Many in the crypto world see this move as possible profit-taking, especially since Bitcoin just reached $73,000, its highest since March. This raises questions: Could Bhutan’s transfer lead to a major sell-off? Will Bitcoin see a price dip soon?

Bhutan Moves 1000 BTC to Binance 

According to Arkham Intelligence, Bhutan recently moved 929 BTC, valued at $66.1 million, to a Binance deposit address. This significant transfer was divided into two parts: an initial 100 BTC worth $7.1 million sent at 9:09 a.m. UTC, followed 45 minutes later by a larger 839 BTC transaction valued at $59 million.

This is Bhutan’s first Bitcoin transfer since July when it moved 381 BTC to Kraken. While Bhutan’s motives are unclear, large crypto deposits to exchanges often suggest a potential sale. With Bitcoin currently at $71,200, this move has raised market concerns about a possible sell-off.

Bhutan’s Bitcoin Holdings

However, Bhutan has a large Bitcoin reserve, managed by state-owned Druk Holdings, and this reserve is valued at around $887 million, or 12,456 BTC making Bhutan one of the top four countries with the largest Bitcoin reserves. 

The country’s Bitcoin assets represent a major part of its economy, almost a third of its GDP, and have been collected through mining operations done with Bitdeer Technologies. 

Bitdeer, a major mining partner, has been expanding its facilities and plans to grow Bhutan’s mining capacity significantly by 2025.

Market Eyes Bhutan’s Actions

This recent transfer to Binance has raised questions about Bhutan’s plans. With nearly 99.7% of Bitcoin’s supply in profit and around $1.5 billion in realized profits circulating, Bhutan’s actions may add to the current market activity and potentially affect Bitcoin’s price in the short term.

Large Bitcoin transfers to exchanges often mean a possible sale, especially as Bitcoin’s price nears its all-time high of $73,777.