Is Bhutan Govt. Selling Bitcoin As Price Hits All time high?

Coinciding with Bitcoin’s all-time high of $112,000, the Government of Bhutan has moved 213 BTC from its Binance holdings, fueling speculation about a potential sell-off. On-chain data reveals that Bhutan has been gradually transferring BTC over the past two weeks. Despite this, Bitcoin is demonstrating remarkable strength, entering a new price discovery zone, with analysts forecasting a potential surge to $120,000.

Bhutan Moves $23.7M in Bitcoin to Binance, Twice In A Week

Amid the broader crypto market rally today, the Royal Government of Bhutan transferred 213.5 BTC, worth $23.73 million, to a Binance deposit. This marks the second consecutive week of Bitcoin movements to the exchange, according to blockchain intelligence platform Arkham Intelligence. Today’s move comes just as BTC price makes fresh highs in strong upward momentum.

Bhutam Moves $23M of Bitcoin to Binance DepositsBhutam Moves $23M of Bitcoin to Binance Deposits
Source: Arkham Intelligence

Analysts remain divided over the transfers, with some as a potential mix of profit-taking near BTC all-time highs and preparations to fund upcoming domestic blockchain initiatives. With a Bitcoin Treasury of more than $1 billion, Bhutan is among the most prominent state-level participants in the crypto space. Its BTC holdings also stand at par with corporate giants, like Metaplanet, Tesla, etc. Interestingly, the Asian country has greater BTC reserves than El Salvador.

Are Long-Term Holders Selling BTC?

As Bitcoin enters the price discovery zone, investors need to closely watch the behaviour of long-term holders for the next directional move. Citing data from CryptoQuant, Bitsgap reported: “Historically, long‑term holders (LTHs) start booking gains once their ROI tops 300%. Right now, their average return sits around 215%”.

Bitcoin LTH profit booking will begin at 300% ROIBitcoin LTH profit booking will begin at 300% ROI
Source:  CryptoQuant | Bitsgap

As per the image above, we’re currently between measured profit-taking and the possibility of a broader long-term holder (LTH) sell-off. As LTH ROI hits 300% historical data, there would be strong chances of market correction.

BTC price has made fresh all-time highs, shooting all the way to $112,000 earlier today with strong bullish sentiment and $60 billion trading volume. Today’s rally comes as crypto industry veterans like Brad Garlinghouse and Brian Armstrong, pushing for the crypto market structure bill, aka CLARITY Act. Furthermore, President Donald Trump is pushing for a 300 bps Fed rate cut, which could be the largest in US history so far, and could lead to a massive capital infusion, driving prices even higher.

coingape

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Source: https://coingape.com/bhutan-govt-planning-to-sell-bitcoin-as-btc-price-breaks-all-time-high/