Bhutan Don Transfer Pass 1,400 BTC Since August, Dey Hold 6,262 BTC
Since early August, di Royal Government of Bhutan don move over 1,400 BTC for three big transfers. Blockchain analytics companies don flag movement for August 5, 7, and 18 wey total 799.69 BTC, wey e be like say na central exchanges dem dey go. For October 20, Lookonchain see one more 108.8 BTC transfer from di government main wallet. After all these moves, Bhutan get 6,262 BTC (around $694 million). Dis kind BTC transfer fit mean say dem dey take profit or dem change their reserve management plan. Bitcoin drop from mid-August peak of $124,500 go about $110,000 before di latest transfer. Traders suppose dey watch blockchain data make dem see exchange deposits and more BTC transfer. Dis kain move fit add short-term sell pressure but e no go too affect long-term trends.
Bearish
Big big transfer wey de Bhutan government do mean say dem dey take profit or dem dey put money for exchange. Dem kind transaction dey usually make sellers pressure high and fit make BTC price fall small for short time. But, these kind move often mean say na just custody change and e no too get yawa for Bitcoin long time waka. Traders fit expect say short term e go bearish but long term e go neutral.