Bhutan Sells $66 Million in Bitcoin to Binance Amid Market Rally

• Bhutan sold 929 BTC to Binance for $66 million as Bitcoin surpassed $71,000.
• Analysts predict Bitcoin may reach $80,000 by November, driven by market trends.

The Royal Government of Bhutan recently transferred 929 BTC, valued at $66 million, to Binance. This move follows Bitcoin’s price surge above $71,000, marking Bhutan’s first significant transfer since selling $24 million in BTC via Kraken in July. The on-chain analytics platform Arkham reported this sale.

The government’s strategic sale occurred during a market rally fueled by technical strength, the U.S. election, and rising interest from traders. Managed by Druk Holding & Investments, Bhutan’s crypto holdings position the nation among the world’s largest government Bitcoin holders. Bhutan’s wallet retains 12,456 BTC, valued at $886 million, following this sale. 

Eco-Friendly Mining Fuels Bhutan’s Bitcoin Strategy

Unlike many other countries that acquire Bitcoin through asset seizures, Bhutan has steadily grown its Bitcoin reserves through eco-friendly mining, powered by the country’s abundant hydroelectric resources.

Alongside Bitcoin, the government holds smaller amounts of Ethereum. Bitcoin remains Bhutan’s primary holding, built over years through hydro-powered eco-friendly mining.

Analysts believe Bhutan’s decision to sell aligns with the recent Bitcoin price milestone of $71,000. According to trading experts, Bitcoin’s bullish pattern indicates that the cryptocurrency may reach $80,000 by November.

Significant levels like $70,000 often see profit-taking, especially among large holders, known as whales, who influence price movements. With a trading volume increase of 110% in the past 24 hours, Bitcoin currently trades at $71,494, highlighting market enthusiasm.

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