Bhutan sends Bitcoin worth over 66 million euros to Binance

The Asian kingdom of Bhutan, which has been mining Bitcoin since 2019, recently sent 929 BTC, worth more than 66 million euros, to Binance. This raises questions about whether Bhutan may be selling its crypto assets as the Bitcoin exchange rate climbs toward a new all-time high.

When large Bitcoin amounts are sent to centralized exchanges (CEX), it often leads to sales. So it seems that Bhutan may also be putting its sent crypto stock on the market. However, data from Arkham Intelligence shows that the Bhutanese government's wallet still holds 12,456 BTC, with a total value of more than 890 million euros.

This makes Bhutan the fourth largest Bitcoin holder among governments worldwide. The country has built up these large crypto reserves through years of state-backed mining, taking advantage of the abundant hydropower the country offers.

The number of investors with Bitcoin holdings over 1,000 BTC, also known as "whales," is currently at its highest level since January 2021. Some market observers see the actions of these whales as significant, as they are considered experienced investors. However, whether Bhutan's BTC selling is also a strategic trading move remains to be seen.