Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The Royal Government of Bhutan has recently transferred 929 BTC, approximately valued at $66.16 million, to the global cryptocurrency exchange Binance.
Currently, the government possesses 12,456 BTC, valued at $887.46 million, according to data from Arkham Intelligence.
This deposit to Binance has sparked inquiries within the crypto community, with some speculating whether Bhutan is preparing to liquidate a portion of its Bitcoin assets.
Bhutan Transfers Additional BTC to Binance as Bitcoin Reaches $71,000
Earlier today, Bhutan also dispatched another 102 BTC, valued at over $7 million, to Binance.
Royal Government of #Bhutan deposited 929 $BTC($66.16M) to #Binance in the past hour.
Royal Government of #Bhutan currently holds 12,456 $BTC($886.58M).https://t.co/ki4I4mfRpo pic.twitter.com/w3D7IqpJ08— Lookonchain (@lookonchain) October 29, 2024
The transactions occur amid a recent increase in Bitcoin’s price.
Currently, the leading cryptocurrency is trading at $71,300, reflecting an increase of nearly 3% over the past 24 hours and approaching the $73,700 peak reached in March of this year.
In a recent report, QCP noted that total BTC-PERP open interest is nearing this year’s high at $27 billion, indicating strong market expectations for a breakout.
Additionally, the recent transactions highlight Binance as Bhutan’s primary platform for both deposits and withdrawals, amounting to $254.3 million.
Other exchanges utilized include Celsius and Kraken, albeit with significantly lower transaction volumes.
The Royal Government of Bhutan also holds various other cryptocurrencies in addition to Bitcoin.
The portfolio includes Ethereum, with 656.039 ETH valued at approximately $1.72 million.
Related Posts
Moreover, smaller holdings consist of 69 million BOBO tokens, 53.569 SAND, and 23.505 MATIC, with each of these assets collectively valued at under $100.
Minor quantities of Binance Coin (BNB), BIM, and INS tokens are also included.
Bhutan Overtakes El Salvador as a Leading Bitcoin Holder
Last month, Bhutan surpassed El Salvador in Bitcoin holdings, establishing itself as the largest Bitcoin holder in South Asia.
The Bitcoin assets are reportedly associated with the Kingdom of Bhutan’s investment entity, Druk Holdings and Investments (DHI), which has been mining Bitcoin utilizing the country’s abundant hydroelectric resources.
Arkham Intelligence confirmed this activity through a combination of on-chain data and satellite imagery, identifying mining operations at the location of Bhutan’s former Education City project.
The largest and most significant mining facility in Bhutan is situated on the site of a failed $1 billion government initiative known as “Education City,” as reported by Forbes last year.
The project aimed to create an international hub for education and knowledge but was abandoned due to scandals and mismanagement.
The Bitcoin mining operation at this site is hidden behind mountainous terrain but is indicated by transformers and power lines.
Historical satellite imagery shows that construction commenced in December 2021.
The government, including the Ministry of Finance, has remained reticent regarding its cryptocurrency endeavors.
DHI, which also manages Bhutan’s flagship airline, hydroelectric power facilities, and a cheese factory, has not disclosed detailed information on revenues or investments in Bitcoin mining.
Bhutan’s interest in Bitcoin mining emerged as a response to the economic difficulties brought on by the COVID-19 pandemic.
The post Is Bhutan Preparing to Sell? Royal Government Moves $66M Worth of BTC to Binance appeared first on Cryptonews.
