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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jan 17, 2025 14:19 UTC
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Royal Government of Bhutan Shifts 633 BTC, Sparks Global Bitcoin Discussions
Bhutan’s government transfers $64M in Bitcoin, raising questions about its impact on the market as BTC hits $104,867.
Speculation grows over Bhutan’s strategic crypto reserves and Trump’s potential pro-Bitcoin policies ahead of Jan 20.
In a latest development, according to data from Arkham Intelligence, The Royal Government of Bhutan recently moved 633 BTC to two unknown addresses, with one possibly connected to Binance. This action has sparked global market discussions, especially as Bitcoin’s price recently recovered to $102K.
Bhutan’s Moves Spark Market Attention
Notably, on January 17, the Royal Government of Bhutan moved 633 BTC in two transactions, totaling $64.57 million. The first transfer of 255.26 BTC, valued at $26 million, went to an address potentially linked to Binance. The second transfer of 377.78 BTC, worth $38.57 million, was sent to another unknown address. These moves gained significant attention as they coincided with a broader recovery in the crypto market.
According to Arkham data, despite the recent outflows, the Royal Government of Bhutan still holds 11.055K BTC, worth $1.13 billion. Market observers are concerned about the reason behind the recent massive transfers, as any potential sale could create significant selling pressure, that could cause turbulence in the Bitcoin market.
- Also Read :
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Growing Speculation Over Bitcoin Reserve
Besides, Bhutan’s Gelephu Mindfulness City (GMC) recently revealed plans to add Bitcoin, Ethereum, and BNB to its strategic reserves, boosting its crypto adoption efforts. The recent BTC transfers by the government have sparked even more curiosity among global market participants.
Nevertheless, the flagship crypto has been on the upside today as it trades at $104,867 currently, up over 5% in the past day. Bitcoin’s surge follows growing speculation that Donald Trump may create a strategic Bitcoin reserve, with reports suggesting he could prioritize digital assets and issue an executive order on January 20.
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