Bitcoin Profit-Taking Continues as BTC Price Nears High. Is Bhutan Next to Sell?
The government of Bhutan deposited nearly 1,000 bitcoin into a Binance deposit address as BTC approached its record high of over $73,000. This transfer raised speculation about Bhutan possibly selling part of its significant holdings, valued at over $900 million, as 99.7% of the circulating bitcoin supply is currently in profit. Bhutan, recognized as a BTC whale after acquiring bitcoin through state-run mining operations by Druk Holdings, moved $65 million worth of bitcoin to Binance just as prices peaked. With its BTC holdings comprising nearly a third of its GDP, Bhutan's strategy includes diversifying revenue streams through digital assets. Recent activity in its wallets indicates a mix of deposits and withdrawals, including interactions with exchanges like Kraken. While profit-taking among large BTC holders is notable as they seek to lock in gains, there remains optimism about the potential for new all-time highs in the near future.
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