Bhutan government sells $66M Bitcoin stash for $71,000
Bhutan's government has quietly begun selling off its hoarded bitcoin holdings as the price soared above the key $70,000 mark.
A wallet posted by the government of Bhutan has transferred more than $66 million worth of Bitcoin (BTC) to a Binance deposit wallet, suggesting it intends to sell the BTC on the world's largest cryptocurrency exchange.
According to Arkham Intelligence, $66.5 million was transferred in two transactions.
Bhutan government-issued wallet, exportable. Source: Arkham Intelligence
For the first time since June 10, Bitcoin surpassed $70,000 and government wallets began selling. Significant price levels such as $70,000 can lead to volatility, including profit-taking by large Bitcoin holders, whales that can affect Bitcoin's price.
BTC/USD, 1-month chart. Source: Cointelegraph
Bhutan's government wallet still holds roughly $886 million worth of bitcoins, which could put additional selling pressure on the cryptocurrency, as the wallet has been mining and holding bitcoin for more than five years.
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This is a developing story, and more information will be added as it becomes available.
