Sell Off? Royal Government of Bhutan Shifts 633 BTC Worth $64 Million
The government of Bhutans recent on-chain activity raises concerns about renewed Bitcoin sell-offs as the asset reclaims six figures.Bitcoin seems set to retest its all-time high of $108,230, with an over 2% price uptick on Friday. Amidst the renewed bullishness, a new development has raised skepticism about another round of Bitcoin liquidation.Data from Arkham shows that the Royal Government of Bhutan shifted some of its Bitcoin stash after its last activity over a month ago. Today, the wallet tied to the pro-crypto nation moved 633 BTC to new wallet addresses, sparking renewed curiosity among market observers.Is Bhutan Selling?Arkhams data shows that Bhutan shifted the $64 million worth of Bitcoin over two transactions on Friday. The first transfer saw the wallet move 255.26 BTC to two new addresses, with one bearing the initial 38mbNK by 09:50 (UTC) today.Meanwhile, OnchainLens suggested that the unmarked wallet addresses have affiliations with the leading crypto exchange, Binance. The market intelligence platform based its assertion on past transactions to and from the wallet.Almost an hour later, Bhutan transferred another 377 BTC ($38.57 million) to two separate addresses. The government shifted 196 BTC to the address bc1qav and the remaining 181 BTC to the other address.However, despite the latest outflows, Bhutan still holds 11,055 BTC, valued at $1.13 billion. The country has harnessed its rich hydropower resources to mine Bitcoin, placing it among the top holders of the pioneering cryptocurrency.Bhutan also recently adopted Bitcoin, Ethereum, and Binance Coin (BNB) as strategic reserve assets, setting the pace for national-level digital asset acquisition.Bitcoin Unperturbed By FUDMeanwhile, the community row following the Bhutan possible sell-off could not impede Bitcoins super-bullish momentum. The crypto asset forayed into six figures today, trading at $102,684 at the time of writing.The bullish upsurge comes on the heels of growing speculations that Donald Trump will establish a strategic Bitcoin reserve. Reports today suggest that the incoming president views digital assets as a national priority and could issue an executive order on this upon his January 20 inauguration.
Text source: The Crypto Basic
