Bhutan government sells US$33 million in Bitcoin

The government of Bhutan has moved some of its Bitcoin (BTC) to Binance, according to data from Arkham Intelligence. According to this data, the country sent the equivalent of US$33 million in BTC to the wallet.

The reasons behind this are still unclear. But the government will probably sell these BTC and make part of the profit. Since the cryptocurrency's appreciation, investors have pocketed almost $10 billion in gains in the last two days alone.

This move comes amid the recent parabolic rise in the price of Bitcoin. This indicates that the government may simply be looking to secure profits.

Bhutan sells $33 million worth of Bitcoin

Arkham Intelligence data shows that the Royal Government of Bhutan moved just over 367 BTC ($33 million) to Binance this Thursday (14).

The government made a similar move about two weeks ago when it sold another $66 million worth of BTC through Binance. At that time, the sell-off occurred shortly after BTC surpassed the $70,000 barrier.

With Thursday's move, Bhutan still holds 12,206 BTC valued at $1.11 billion, which it can likely sell as the price of BTC continues to rise. In the last few hours, BTC faced a slight correction and fell below $90,000.

BTC has witnessed a very strong rally since Donald Trump won the US presidential election on November 6th. This has led to predictions that BTC could reach $100,000 by the end of the year.

Interestingly, under the administration of Donald Trump, the US is expected to follow the path adopted by Bhutan of accumulating the main cryptocurrency. The country is the largest holder of Bitcoin among governments, but its BTC holdings came from seizures, such as BTC from the now-defunct Silk Road website.

What’s next for BTC?

Bhutan's BTC shows how some investors may be locking in profits after the recent rally. This could put significant selling pressure on the flagship cryptocurrency and lead to a short-term price correction.

Cryptocurrency analyst Ali Martinez also suggested that a price correction was imminent. After all, BTC has risen almost 30% in recent weeks in a practically uninterrupted manner.

In a post on his X account, Martinez stated that a Bitcoin price correction could be underway as the indicator TD Sequential displays a sell signal on the daily chart. This puts BTC at risk of falling below $90,000 – as it did.

However, it is worth mentioning that while some whales like Bhutan are selling, others are still accumulating BTC.