The government of Bhutan has started selling its Bitcoin holdings as the price surpassed the crucial $70,000 mark. Recent data from Arkham Intelligence reveals that a wallet associated with the Bhutanese government transferred over $66 million worth of Bitcoin to a Binance deposit wallet, indicating plans to sell on the well-known exchange. This transfer took place in two separate transactions on October 29, coinciding with Bitcoin’s rise above $70,000 for the first time since early June. Milestones like this often trigger volatility and cause major holders, or “whales,” to take profits, which can further impact the market. Currently, the Bhutan government still holds around $886 million in Bitcoin. This significant holding, accumulated over five years of mining and accumulation, could potentially add to the selling pressure in the cryptocurrency market. At the time of writing, BTC is trading at approximately $71,300, approaching its previous all-time high (ATH).
