The royal government of Bhutan transferred 137,245 Bitcoin worth around $ 14.77 million to Crypto Exchange Binance on June 30, according to data from Arkham Intelligence blockchain. This new transaction occurs while Bhutan’s total Bitcoin holdings increased to 11,924 BTCs, valued at around $ 1.28 billion at current market prices of around $ 107,000.
The small kingdom of the Himalayas has become an important actor in cryptographic space, with its Bitcoin hiding place representing an important part of its economy. The holdings were largely built thanks to mining operations supported by the state under Druk Holdings, working alongside Bitdeer Technologies, which increases local mining capacity to 600 megawatts by 2025.
The latest Binance depot fueled speculation on potential sales pressure, although no one in the government has publicly commented on the reason for the transfer.
Some investors in recent times have been wondering why Bitcoin has not reached new heights of all time despite significant purchases of companies. These investors, however, do not take into account the major holders (like Bhutan) Sitting on heavy profits which are happy to unload part of their issues, balancing this high purchase pressure.
