Bhutan Don Sell Bitcoin Worth $173M, Dem Still Hold Over 11,400 BTC
According to Arkham Labs, Bhutan sovereign body Druk Holdings don sell plenty Bitcoin, dem transfer about $173 million worth of Bitcoin go Binance within four days for July. The latest Bitcoin sell involve 512.84 BTC ($59.5 M) through six transfers wey each be from 99 to 208.56 BTC. Even with these Bitcoin wey dem dey sell as Bitcoin rise from $108,000 go $122,000, Bhutan still dey hold strong as di fifth biggest holder for world with 11,411 BTC (around $1.4 billion) and 656 ETH (around $1.93 M). Their crypto treasury grow from $1.29 billion to $1.37 billion within the week as price for BTC rise by 12.4% and ETH rise by 18%. The kingdom wey don dey mine Bitcoin since 2017 with hydroelectric power also get plan to keep strategic reserves of BTC, ETH and BNB for the upcoming Gelephu Mindfulness City, show say dem dey manage portfolio well instead of just dey waka comot.
Neutral
Even though Bhutan sell plenty Bitcoin—total $173 M for four days—the money comot only small part of their 11,411 BTC reserve. Dem sell am for new high price ($108K–$122K) as strategic profit-taking, no be panic exit. Plus with recent rally wey boost their treasury value by 6% in one week and plans to grow strategic holdings of BTC, ETH, and BNB, market impact dey likely small. Traders suppose see am as portfolio rebalancing, meaning neutral effect on Bitcoin short-term price and continued stability for long term.