As a seasoned researcher with over two decades of experience in the financial markets, I find the recent actions of the Bhutan government intriguing. The repeated selling of Bitcoin at peak rallies suggests a strategy aimed at profit-taking rather than long-term investment.
The Bhutanese government transferred a portion of their Bitcoin reserves to Binance, an indication they may want to cash in on the current surge in Bitcoin prices, potentially aiming to reap profits.
Bhutan Sells $33 Million Worth Of Bitcoin
According to information from Arkham Intelligence, it’s been reported that the Bhutanese Government transferred approximately 367 BTC (valued at around $33 million) to Binance today. This action might suggest that they are cashing out these Bitcoins, possibly as a result of profiting from the recent surge in Bitcoin prices.
Approximately two weeks ago, the government took an analogous action by offloading $66 million in Bitcoin on the premier trading platform. During that time, they disposed of these coins when the value of Bitcoin surged beyond $70,000.
According to blockchain records, Bhutan currently possesses approximately 12,206 Bitcoins worth around $1.11 billion. There’s a strong possibility they might sell some of it, given the Bitcoin market’s ongoing bullish trend. The price surge in Bitcoin has been remarkable since Donald Trump, a known crypto supporter, won the election. This surge has fueled speculation that Bitcoin could reach $100,000 by the end of the year.
As a crypto investor, it’s intriguing to ponder over the possibility that under the Trump administration, the U.S. might adopt Bhutan’s proactive strategy of amassing the leading cryptocurrency. Despite being the largest government holder of Bitcoin today, our Bitcoin holdings have primarily been acquired through confiscations rather than actively purchasing the coin.
Yet, Trump plans to establish a Strategic Bitcoin Reservation with these acquired Bitcoins. Additionally, Senator Cynthia Lummis has put forward legislation that enables the U.S. to obtain approximately 1 million Bitcoins per year for the following five years.
What’s Next For BTC?
In simpler terms, Bhutan’s Bitcoin trading (BTC) indicates that some investors might be cashing in after Bitcoin’s price surge. This could potentially cause a lot of selling, which may cause the primary cryptocurrency to drop temporarily, or correct itself in the near future. Crypto analyst Ali Martinez also predicts that such a correction is likely to happen soon.
In a recent analysis post, it was suggested that a potential correction in Bitcoin’s price might be happening, since the TD Sequential indicator is showing a sell signal on the daily graph. This could potentially cause Bitcoin to fall below the $90,000 mark.
As a crypto investor, I should note that while some big players (like Bhutan) are selling their coins, there are others who continue to buy for what seems to be the next phase of the bull run. Recently, Martinez shared data from Santiment indicating that Bitcoin whales have purchased more than 100,000 BTC in just a week’s time.
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2024-11-14 17:08