Bhutan’s Strategic Bitcoin Sales: A Surprise Move in the Crypto Market
In a development that took the crypto world by surprise, the Royal Government of Bhutan recently sold Bitcoin worth approximately $60 million within a span of just four days. This significant transaction, as revealed by on-chain analytics from Arkham Intelligence, involved the movement of 512.84 BTC between July 10 and July 14. While this represents only a fraction of its entire Bitcoin reserve, it underscores a substantial financial maneuver.
Strategic Profit-Taking in Action
According to sources associated with Bhutan’s sovereign investment arm, the government executed six distinct Bitcoin transfers to Binance during this period. Among these transfers, one notable transaction involved the movement of 208.56 BTC, equivalent to around $23.18 million. Other transactions included 100 BTC, 99 BTC, and smaller portions, collectively summing up to $59.47 million, as per Lookonchain’s data. It appears that the Bhutanese administration strategically aligned its sales with Bitcoin’s upward momentum.
Advertisement Banner
Resilient Crypto Holdings
Despite these substantial sales, Bhutan remains committed to its cryptocurrency investments, holding 11,411 BTC, which is currently valued at approximately $1.4 billion. Data from Arkham’s tracking dashboard indicates that Bhutan’s crypto treasury expanded from $1.29 billion to $1.37 billion within a week, experiencing a remarkable increase of $73.33 million by July 14. A significant portion of this gain can be attributed to a 12.4% surge in Bitcoin’s value, as the price rose from $108,000 to $122,000.
Ethereum Holdings Remain Steady
While Bhutan’s Ethereum holdings remain unchanged at 656 ETH, valued at approximately $1.93 million, the recent 18% price increase in Ethereum has bolstered the value of this asset. This situation has sparked discussions about how even minor adjustments in a significant portfolio can have a notable impact during periods of heightened market activity.
Insights from Previous Transactions
Reports indicate that Bhutan’s crypto portfolio increased from $1.26 billion to $1.30 billion between July 3 and July 10, despite the transfer of 213 BTC, valued at nearly $24 million, to Binance. These figures suggest that the Bhutanese government actively manages its cryptocurrency holdings, reducing exposure during price surges while capitalizing on gains during market rallies.
Market Conditions and Volatility
Bitcoin experienced a period of consolidation between $105,000 and $108,000 before breaking through to $121,000 on July 13. On the same day, Bhutan divested a $23 million portion of its holdings. Interestingly, during this time, the United States imposed new 30% tariffs on the European Union and Mexico—actions that might have historically impacted risk assets. However, Bitcoin seemed unaffected by the news and surged to $122,400 on Coinbase.
Editorial Rigor and Integrity
The editorial process at Bitcoinist is committed to delivering meticulously researched, accurate, and unbiased content. We adhere to stringent sourcing standards, and each article undergoes thorough review by a team of leading technology experts and experienced editors. This meticulous process ensures that our content remains informative, reliable, and valuable for our readers.
