The Royal Government of Bhutan transferred 751,309 BTC worth $74 million to two separate wallets a few hours ago.
According to data from Arkham, The first transfer was 377.777 BTC worth $37.87 million to an unidentified wallet with the tag “32BRLG5…ZJ9fhkE”. The second was made an hour later with 373.532 BTC worth $36 million sent to “ bc1q8fdn…rqf9euxk”
The reason behind these transactions is unclear but right now Bhutan still holds 11,145 BTC, valued at about $1.1 billion.
Moreover, this is not the first time. Last week, it transferred 495 ETH out to a BitGo wallet. At the time, ETH was trading for $3,200 but fell to $3,040 shortly after the transfer.
Bhutan also transferred 406 Bitcoins which were worth approximately $40 million at the time to QCP Capital last year in December, with another transferred $66.5 million worth of Bitcoin to Binance in October. The transfer was right after Bitcoin’s price jumped above $70,000.
Whether Bhutan is selling, reallocating, or securing its assets, the movement of such large amounts of Bitcoin can cause a rush in the market.
The government has been involved in Bitcoin for years, quietly mining and accumulating it. The country has used its hydroelectric power to generate revenue and, as reports have shown, has been quietly building its crypto reserves.
Also Read: Bhutan’s Gelephu City Adopts Crypto for Strategic Reserves
