EddieJayonCrypto

 15 Nov 24

tl;dr

The Bhutan government has moved 367 BTC (worth $33 million) to the Binance exchange, potentially to secure profits following the recent Bitcoin price rally. This comes after a previous sale of $66 million worth of BTC. Bhutan still holds 12,206 BTC ($1.11 billion) and may continue offloading as the ...

The Bhutan government recently moved 367 BTC, equivalent to $33 million, to the Binance exchange, potentially securing profits amid the recent Bitcoin price rally. This follows a previous sale of $66 million worth of BTC. Bhutan still holds 12,206 BTC, valued at $1.11 billion, and may continue offloading as the Bitcoin price rises.

Additionally, the US, under the Trump administration, is considering actively accumulating BTC and creating a Strategic Bitcoin Reserve. Analysts suggest that profit-taking by investors like Bhutan could lead to a short-term price correction for BTC, despite ongoing accumulation by other whales.

This move by the Bhutan government indicates a significant selling pressure on BTC, potentially leading to a short-term price correction. However, while some whales are offloading their coins, others are still accumulating for the next leg of the bull run.

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