Shockwaves in Crypto: Bhutan’s Government Moves 633 BTC – What It Means for the Market!

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In an unexpected development, the government of Bhutan transferred a massive 633 Bitcoins on Friday, an action that has ignited conversations worldwide about cryptocurrencies. Data from blockchain transactions suggests that this amount was sent to two unidentified accounts, one of which may be associated with the well-known crypto exchange Binance. As a result, investors and market analysts are eagerly watching Bitcoin’s price as it has climbed back up to approximately $102K.

Royal Government Of Bhutan Moves 633 BTC Amid Broader Recovery

As an analyst, I’ve recently observed some intriguing Bitcoin movements according to Arkham Intelligence’s latest data. Specifically, on January 17, the Royal Government of Bhutan conducted a couple of transactions, transferring a total of 633 BTC. Initially, they moved 255.26 coins, equivalent to approximately $26 million, to the address 38mbNK7j7, which appears to be linked to Binance, as suggested by Onchain Lens tracker data on X.

Additionally, it was reported that the government of Bhutan transferred approximately 377.78 Bitcoins, equating to around $38.57 million, to an unknown wallet identified by the address bc1qavh2. These substantial transactions generated considerable interest within the cryptocurrency industry given they took place during a period when the broader crypto market was experiencing recovery.

It’s worth mentioning that the government currently owns approximately 11,055 Bitcoin, valued at around $1.13 billion according to Arkham data. Market analysts are on edge because the reason for these large transactions is unknown. Furthermore, if this entity decides to sell in the future, it could potentially cause more volatility in the market’s leading cryptocurrency.

At the same time, it’s been noted that the Gelephu Mindfulness City (GMC) in Bhutan has recently revealed intentions to incorporate Bitcoin, Ethereum, and BNB into its strategic reserves, enhancing its crypto adoption strategy. This announcement has sparked interest among global market participants as subsequent transactions have ensued, adding an extra dimension of curiosity.

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2025-01-17 14:50