Bhutan spurred speculation by moving 751 BTC to new wallets, which fueled market curiosity regarding its intentions and potential impact on the BTC price.
The Bhutanese government has recently made headlines in the crypto space with its recent BTC movements. The recent transfer of 751 BTC to three new wallets by the government has sparked significant market speculation, as data indicates. After the development, the flagship crypto experienced a modest decline and fell below the $99K threshold.
Bitcoin News: Bhutan’s Most Recent BTC Transfer Inspires Speculation
The on-chain transaction tracker Spot On Chain identified the most recent BTC movement in a recent X post. The data indicated that Bhutan transferred approximately 751.31 BTC, equivalent to roughly $74.15 million, to three newly established wallets. The company proposed that these transfers could be internal rather than outsourced.
In recent months, Bhutan has been making a concerted effort to liquidate its Bitcoin holdings. The most recent recorded movement before this occurred on January 17, when 633 BTC were transmitted to two new wallets. Nevertheless, these assets remained unaltered throughout the composition process. This has provided investors with some solace, suggesting this is an internal transfer rather than a dump.
Typically, market sentiment is significantly influenced by these large-volume transfers. Bhutan offloaded 402 BTC in an over-the-counter (OTC) deal with QCP Capital on December 9, 2024, at an average price of $98,700 per BTC. This transaction generated approximately $39.7 million.
Bhutan continues to maintain its position as the world’s largest Bitcoin holder
Bhutan has a history of investing in Bitcoin. The country currently possesses approximately 10,600 BTC, estimated to be worth roughly $1.05 billion. Bhutan is the fourth-largest government Bitcoin holder in the world, as these assets are distributed across 23 accounts.
Bhutan’s involvement in crypto was initially disclosed in 2023 when reports indicated that the country had been mining Bitcoin since 2019. Bhutan has accumulated BTC over the years by utilizing its hydroelectric power resources to power its mining operations.
Additionally, it coincides with an increasing global interest in the digital asset sector. US crypto administrator David Sacks recently disclosed that the administration is assessing the feasibility of establishing a Bitcoin Strategic Reserve.
Slight Retreat in Bitcoin Price Records
Today, the price of Bitcoin (BTC) experienced a minor decline and traded at $98,630 in response to the recent development. Nevertheless, Bitcoin Futures Open Interest rose by more than 1.5%, suggesting market confidence is growing. Consequently, the market remained in the green.
In the interim, recent reports have also indicated that BTC whales have exploited the recent decline as an opportunity to acquire additional coins. This has further fueled speculation regarding a potential rally for the flagship cryptocurrency. Nevertheless, investors are closely monitoring the Bhutan Government’s posture on BTC, as it continues to be one of the top nations that hold Bitcoin.