The royal government of Bhutan has transferred an important part of its bitcoin holdings to the binense, making speculation about possible asset offloading during a high point in the market.
According to data from the blockchain analytics platform Arkham, Bhutan transferred 212.31 BTC, which has crossed its previous all-time high after a bite-time high on Thursday, for a bennse deposit address on Thursday at a price of over 23 million dollars.
Strategic transfer and onchen footprint
This is not the first such transaction from the Himalayan state. Arkham data suggests that this latest transfer comes exactly a week after Bhutan submission of 136.99 BTC (more than $ 14 million) to the same exchange.
The frequency and time of these transactions have attracted attention, especially when they coincide with peaks of bitcoin priced. In particular, a $ 33 million was accumulated in November 2024, when bitcoin was approaching a $ 100,000 issue.
Although Bhutan has not made a public statement explaining these movements, onchan analysts often interpret large deposits in centralized exchanges as a precursor to potential sales.
These transactions continue a pattern of activity, which suggests that the country can use market rallies as its digital asset as opportunities to separate parts of the holdings.
So far, Bhutan retains around 11,711 BTCs, which cost more than $ 1.2 billion, according to Arkham data, about 40% of its GDP. It has only other notable cryptocurrency holdings 656 ETH (about $ 1.8 million), some of which were transferred to Benance in May.
The assets are managed through the country’s state -owned investment firm Druk Holding and Investments. This centralized oversight has allowed Bhutan to construct a large digital asset portfolio quietly over the years.
In fact, Bhutan now ranks as the sixth largest known nation-state holder of bitcoin. According to public data collected by Bitcoin Treasury, it follows the United States, China, United Kingdom, Ukraine and North Korea.
Hydropower, bitcoin mining and self -stores
Unlike many other countries, which have submitted bitcoin through asset recovery and legal enforcement action, Bhutan has taken a separate route.
According to blockchain data and transaction patterns, the country has directly mined its BTC, allegedly through mining pool services such as Ant Pools.
The mining functions of Bhutan are believed to be considered to use hydroelectric energy supply, which offers relatively low cost and environmentally durable means of obtaining bitcoins.
This mining-centered approach aligns with Bhutan’s comprehensive economic strategy to use renewable energy to run digital innovation. By changing its hydroelectric surplus in bitcoin, Bhutan is capitalizing on a clean energy gain in a space that often criticizes for its environmental footprint.
The image created with a dull-E, chart from the tradingview
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