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The Royal Government of Bhutan has made a significant move by depositing 929 BTC into crypto exchange Binance.
The activity was flagged shortly after BTC climbed above $70,000 for the first time since June 10.
<h2 id="bitcoin-transfer-to-binance">Bitcoin Transfer to Binance</h2>
In its latest tweet, Lookonchain cited data from Arkham Intelligence, which revealed that the Bhutan government-linked wallet transferred the stash worth approximately $66.16 million through two transactions on October 29.
Currently, Bhutan <a href="https://x.com/lookonchain/status/1851205455579922752" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">holds</a> 12,456 BTC which is nearly $891 million. The motives behind the transfer remain unclear but deposits to crypto exchanges are usually associated with plans to sell the assets, especially since this move comes at a time after bitcoin surged by over 5% in the past day, climbing above $71,700. BTC went even further in the following hours, by <a href="https://cryptopotato.com/as-bitcoin-nears-record-highs-500b-missing-from-altcoin-markets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">topping</a> $73,000 for the first time since the ATH period in March.
Interestingly, this is the first time Bhutan has sent bitcoin to a crypto exchange since it <a href="https://platform.arkhamintelligence.com/explorer/tx/046ad9d3de2734c7fca46df904233ba5eb0357a6f6216c6db7f2eb1f3c752a14" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">deposited</a> 381 BTC to Kraken in July. Additionally, nearly ten days ago, the country-linked wallet <a href="https://platform.arkhamintelligence.com/explorer/entity/druk-holding-investments" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">transferred</a> 228.8 ETH, worth around $600,000, to a Binance hot wallet, leaving $1.72 million in Ether as its only other significant cryptocurrency holding.
<h2 id="bhutan-s-bitcoin-reserves">Bhutan’s Bitcoin Reserves</h2>
Unlike many countries that obtain bitcoin through criminal seizures, Bhutan has been actively <a href="https://cryptopotato.com/has-bhutan-been-quietly-mining-bitcoin-since-2017-report/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">mining</a> the cryptocurrency since 2017, when it was worth around $5,000, according to certain reports. The landlocked country situated in the Eastern Himalayas has been utilizing abundant hydroelectric resources for sustainable mining practices.
The Bhutanese government also partnered with the Nasdaq-listed mining company Bitdeer in May 2023 to develop a 100% carbon-free bitcoin mining operation in the country.
As a result of these efforts, Bhutan is now the fifth-largest known nation-state holder of BTC, trailing only the United States, China, the UK, and Ukraine, as per <a href="https://bitcointreasuries.net/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> compiled by Bitcoin Treasuries.&nbsp;The assets are held by Bhutan’s state investment arm, Druk Holding &amp; Investments.
Bhutan also ventured into bitcoin mining as a new revenue stream in response to plummeting tourism revenues driven by the COVID-19 pandemic. According to a local media ‘The Bhutanese,’ the funds generated from bitcoin mining <a href="https://thebhutanese.bt/bitcoin-powers-a-50-hike-for-public-servants/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">helped</a> finance a 50% salary increase for some government officials.
The post <a href="https://cryptopotato.com/bhutans-govt-linked-wallet-transfers-929-btc-to-binance-amid-bitcoin-price-surge/" rel="noopener noreferrer nofollow">Bhutan’s Govt-Linked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bhutan’s Govt-Linked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge

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