Kingdom

Cryptocurrency

Millions

Bitcoin

Arkham

<p>The Kingdom of <strong>Bhutan</strong> has made another notable move in the <strong>crypto</strong> space. On-chain analysis platform <strong>Arkham</strong> reports that Bhutan has transferred 929 BTC, worth approximately $66 million, to the Binance exchange. This transfer marks Bhutan’s first major Bitcoin transaction to an exchange since the $24 million transfer to Kraken in July.</p> 
<p><a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-51679 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-728x90-1-3.jpg" alt="This Nation Sells Millions in Cryptocurrency on Binance! = The Bit Journal" width="728" height="90" title="This Nation Sells Millions in Cryptocurrency on Binance! 50"></a></p> 
<h2 id="bhutan-s-large-bitcoin-transfer">Bhutan’s Large Bitcoin Transfer</h2> 
<p>Bhutan executed this significant <strong>Bitcoin</strong> transfer in two stages. First, the country sent 100 BTC (roughly $7.1 million) to Binance at 12:09 UTC. Then, about an hour later, another 839 BTC (around $59 million) was transferred. According to Arkham’s tracking data, Bhutan’s Bitcoin holdings have been monitored since September. However, there has been no official statement on the purpose of this latest transaction. Large-scale transfers to exchanges typically attract attention, often signaling a potential sale.</p> 
<h2 id="bhutan-s-bitcoin-holdings-and-global-position">Bhutan’s Bitcoin Holdings and Global Position</h2> 
<p>Bhutan’s recent move has put the spotlight on its substantial holdings of 12,456 BTC, equivalent to about $886 million at current prices. This makes Bhutan the fifth-largest state-held <strong>Bitcoin reserve</strong> globally, following the U.S. with 203,239 BTC, China with 190,000 BTC, the U.K. with 61,245 BTC, and Ukraine with 46,351 BTC. Bhutan also holds Ethereum, with around $1.7 million in ETH, and recently transferred about $600,000 of it to Binance’s hot wallet.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-64595" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Bhutans-Bitcoin-activity-on-Binance-highlighting-a-large-Bitcoin-symbol-and-the-Binance-logo.-Incorporate-subtle-elements-re.webp" alt="This Nation Sells Millions in Cryptocurrency on Binance! = The Bit Journal" width="1792" height="1024" title="This Nation Sells Millions in Cryptocurrency on Binance! 51"></p> 
<h2 id="a-unique-approach-to-mining">A Unique Approach to Mining</h2> 
<p>Unlike other nations that have accumulated cryptocurrency through asset seizures, Bhutan has grown its <strong>crypto reserves</strong> through sustainable mining operations. With rich hydroelectric resources from the Himalayas, Bhutan’s <a href="https://thebitjournal.com/russia-and-bitriver-plan-cryptocurrency-mining/" target="_blank" rel="noopener">mining</a> activities are powered by clean energy, placing it in a unique position in the crypto sector. Managed by Druk Holding &amp; Investments, Bhutan’s crypto assets play a critical role in the country’s long-term economic strategy.</p> 
<p>As previously reported by The Bit Journal, Bitcoin has seen a 6% rise, reaching $71,513 and nearing its all-time high of $74,000. The leading cryptocurrency surpassed the $71,000 level for the first time since June 7, reflecting renewed interest and investment.</p> 
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This Nation Sells Millions in Cryptocurrency on Binance!

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The Bit Journal

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