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This fresh transaction comes after Bitcoin clocked a fresh all-time high above $113,000.
Is Bhutan Selling Some Of Its Stack?
The Bhutan government moved $23.7 million worth of Bitcoin on Thursday.
The latest Binance deposit has sparked speculation about potential selling pressure, although no one from the small Himalayan kingdom has commented publicly on the reason for the transfer.
It’s worth noting that this is not a secluded event. It marks the second consecutive week that Bhutan has moved significant Bitcoin holdings to the crypto exchange. Just last week, the government moved 136.99 BTC, valued at around $14.75 million, to the same Binance deposit address.
 
Bhutan still holds 11,711 BTC, which is currently worth some $1.3 billion, according to Arkham.
Bhutan has become a key player in the crypto space, with its Bitcoin stockpile representing a massive chunk of its economy. Despite its relatively small economy, it has acquired the sixth-largest Bitcoin reserve of any country — behind the United States (198,012 BTC), China (190,000 BTC), the United Kingdom (61,245 BTC), Ukraine (46,351 BTC), and North Korea (13,562 BTC), Bitcoin Treasuries data shows.
Bhutan’s Bitcoin stash, managed by the country’s state investment arm, Druk Holding & Investments (DHI), places it ahead of El Salvador. The nation has utilized its abundant hydroelectric power to mine the alpha crypto since 2019.
Meanwhile, a Special Administrative Region in Bhutan earlier this year announced plans to formally adopt digital assets, such as Bitcoin, Ethereum, and Binance’s BNB token, as part of its strategic reserves.
The premier crypto continued to soar on Thursday, hitting a fresh all-time high price of $113,804 after crypto-friendly President Trump renewed his push to urge the Federal Reserve to slash interest rates.
Source: https://zycrypto.com/bhutan-possibly-readies-23-million-bitcoin-sale-amid-btc-record-highs/