Bitcoin News: The Bhutan Government has once again made headlines in the crypto space with its recent BTC movements. According to data, the government has moved 751 BTC to three new wallets recently, which has sparked heavy speculations in the market. Following the development, the flagship crypto also recorded a slight pullback and dropped below the $99K mark.
Bitcoin News: Bhutan Fuels Speculation With Latest BTC Transfer
On-chain transaction tracker Spot On Chain flagged the latest BTC movement in a recent X post. The data revealed that Bhutan moved approximately 751.31 BTC, valued at around $74.15 million, to three newly created wallets. The firm suggested these could be internal transfers rather than an offload.
Bhutan has been actively moving its Bitcoin holdings in recent months. The last recorded movement before this took place on January 17, when 633 BTC were transferred to two new wallets. However, these assets remained untouched during writing. This has given some relief to the investors, indicating that this is an internal transfer rather than a dump.
Usually, these large volume transfers often impact market sentiment. Meanwhile, on December 9, 2024, Bhutan offloaded 402 BTC in an over-the-counter (OTC) deal with QCP Capital at an average price of $98,700 per BTC. This sale generated roughly $39.7 million.
Bhutan Still Holds Top Bitcoin Holder Ranking
Bhutan is no stranger to Bitcoin investments. The country currently holds approximately 10,600 BTC, valued at around $1.05 billion. These assets are spread across 23 wallets, making Bhutan the fourth-largest government Bitcoin holder in the world.
Bhutan’s involvement in the crypto space first came to light in 2023 when reports suggested the country had been mining Bitcoin since 2019. Over the years, Bhutan has continued accumulating BTC, using its hydroelectric power resources to fuel its mining operations.
Besides, it also comes amid growing interest in the digital assets space on a global scale. Recently, US crypto czar David Sacks revealed that the administration is evaluating a Bitcoin Strategic Reserve.
BTC Price Records Slight Pullback
Following the development, BTC price today recorded a slight pullback and exchanged hands at $98,630. However, it still remained in the green, with Bitcoin Futures Open Interest soaring over 1.5%, indicating growing market confidence.
Meanwhile, recent reports also showed that BTC whales have taken the recent dip as an opportunity to bag more. This has further fueled speculations over a potential rally ahead for the flagship crypto. However, investors are keeping a close track of the Bhutan Government’s stance on BTC, as it still remains one of the top Bitcoin-holding nations.
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