30s Summary

The Bhutan government has started selling its substantial Bitcoin holdings, transferring $66 million worth of the cryptocurrency to a Binance deposit wallet after Bitcoin recently surged past $70,000. Despite this sale, the government still retains approximately $886 million worth of Bitcoin. This move may further impact Bitcoin’s market value as it gives the sense of the Bhutan government storing Bitcoin for years.

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The Bhutan government has begun to sell off its Bitcoin stockpile. It seems they’ve been quietly stashing it away and have now chosen to cash in while Bitcoin prices are sky-high, soaring above $70,000.

The government transferred a whopping $66 million worth of Bitcoin to a Binance deposit wallet, indicating they’re going to sell it on Binance, which is the largest crypto exchange in the world.

This hefty sum was transferred into two separate transactions on October 29.

The sell-off seems to have kicked off just after Bitcoin jumped over $70,000 for the first time since June. Big price milestones like these often cause the market to swing as large Bitcoin holders, known as “whales”, either make a killing or cause the price of Bitcoin to fluctuate.

While a big chunk of Bitcoin has been sold off, the Bhutan government’s wallet still holds a pretty impressive $886 million worth of Bitcoin. This could apply more pressure on the market value of the digital currency as it seems like the government have been harvesting and storing Bitcoin for the last five years.

More details to follow as this story unfolds.

Source: Cointelegraph