Rally

Bitcoin

Million

Arkham

<ul class="wp-block-list">
 <li><strong>Bhutan sold 929 BTC to Binance for $66 million as Bitcoin surpassed $71,000.</strong></li>
 <li><strong>Analysts predict Bitcoin may reach $80,000 by November, driven by market trends.</strong></li>
</ul>
<p>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 $24 million in BTC via Kraken in July. The on-chain analytics platform Arkham <a href="https://platform.arkhamintelligence.com/explorer/entity/druk-holding-investments" target="_blank" rel="noopener noreferrer nofollow">reported</a> this sale.</p>
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  <p lang="en" dir="ltr">Royal Government of <a href="https://twitter.com/hashtag/Bhutan?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bhutan</a> deposited 929 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($66.16M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> in the past hour.<br><br>Royal Government of <a href="https://twitter.com/hashtag/Bhutan?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bhutan</a> currently holds 12,456 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($886.58M).<a href="https://t.co/ki4I4mfRpo" rel="noopener noreferrer nofollow">https://t.co/ki4I4mfRpo</a> <a href="https://t.co/w3D7IqpJ08" rel="noopener noreferrer nofollow">pic.twitter.com/w3D7IqpJ08</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1851205455579922752?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 29, 2024</a>
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<p>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 &amp; Investments, Bhutan’s crypto<a href="https://x.com/lookonchain/status/1851205455579922752" target="_blank" rel="noopener noreferrer nofollow"> holdings</a> 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.&nbsp;</p>
<h3 class="wp-block-heading" id="h-eco-friendly-mining-fuels-bhutan-s-bitcoin-strategy">Eco-Friendly Mining Fuels Bhutan’s Bitcoin Strategy</h3>
<p>Unlike many other countries that acquire Bitcoin through asset seizures, Bhutan has steadily grown its Bitcoin reserves<a href="https://thenewscrypto.com/bhutans-bitcoin-mining-yields-780-million-in-holdings/" target="_blank" rel="noopener noreferrer nofollow"> through</a> eco-friendly mining, powered by the country’s abundant hydroelectric resources.</p>
<p>Alongside Bitcoin, the government holds smaller amounts of Ethereum. Bitcoin remains Bhutan’s primary holding, built over years through hydro-powered eco-friendly mining.</p>
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<p>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.</p>
<p>Significant levels like $70,000 often see profit-taking, especially among large holders, known as<a href="https://thenewscrypto.com/is-whale-activity-the-reason-behind-goats-20-price-dip/" target="_blank" rel="noopener noreferrer nofollow"> whales</a>, 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.</p>
<p><strong>Highlighted Crypto News Today<br></strong><a href="https://thenewscrypto.com/will-shib-recent-price-action-lead-to-sustained-gains/" target="_blank" rel="noopener noreferrer nofollow">Will SHIB Recent Price Action Lead to Sustained Gains?</a></p>

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

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