- Bhutan sells $33M BTC as part of a profit-taking strategy amid the Bitcoin rally.
- Government holds 12,206 BTC, potentially preparing for more sales if prices rise.
- Recent Bitcoin surge could lead Bhutan to sell more assets, boosting reserves.
The Royal Government of Bhutan has made another significant move in the cryptocurrency market. On-chain data shows that Bhutan transferred 367.26 BTC, worth approximately $33.51 million, to the Binance exchange.
This move coincides with Bitcoin’s surge to $93,000, reflecting the government’s strategic approach to capitalizing on market momentum during the rally.
Bhutan’s Bitcoin Holdings and Recent Sales
Bhutan holds a notable position as a major government Bitcoin holder. The government previously maintained 13,011 BTC, ranking as the fourth-largest state holder globally. This latest transfer of 367 BTC marks a substantial portion of their holdings.
This is not an isolated action. Two weeks ago, Bhutan sold $66 million in Bitcoin when prices exceeded $70,000. These actions suggest a calculated strategy of selling during peaks to secure profits and enhance financial stability.
Strategic Timing Behind the Sale
The government’s decision aligns with Bitcoin’s parabolic rally following pro-crypto candidate Donald Trump’s election victory. This political development spurred optimism, driving Bitcoin prices higher and boosting demand.
Bhutan’s timing indicates a deliberate plan to take advantage of the market’s strength. By selling during this surge, the government positions itself to reinvest or allocate resources strategically, benefiting from the elevated valuations.
Read also: Bhutan is Now One of Few Countries with State-owned BTC Mining Grid
Despite recent sales, Bhutan still retains a significant Bitcoin reserve, holding approximately 12,206 BTC valued at $1.11 billion. Analysts suggest these reserves may be sold if upward trends persist.
The rally has fueled speculation that Bitcoin could reach $100,000 by year-end. Bhutan may continue to leverage these gains to strengthen national reserves or support economic initiatives.
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