Bhutan Sells $33M Worth of Bitcoin as BTC Touches New All-Time High Above $93K

The Royal Government of Bhutan has been mining Bitcoin since 2019 when the price was as little as $5,000 per coin.

Bhutan has made headlines by selling off $33 million worth of BTC, sparking fresh questions about the market as Bitcoin continues its upward trajectory.

The move comes as Bitcoin touched a new all-time high above $93,000, leaving many to wonder: Is there a correction on the horizon?

The Royal Government of Bhutan has been accumulating Bitcoin since 2019, when the price was as low as $5,000 per coin. Fast forward to today, and Bhutan has amassed a digital store of value that is now worth over $1.1 billion.

On November 14, the Royal Government of Bhutan deposited 367 BTC on Binance, which is valued at $33 million. The move comes two weeks after they sold $66 million worth of BTC as the price crossed $70,000.

According to Arkham Intelligence, the government’s decision to move coins to Binance for sale is part of a larger strategy. It’s clear that Bhutan is locking in profits as Bitcoin soars, but the big question is: why now?

The answer may lie in the phenomenal growth of Bitcoin. BTC has surged by about 50% over the last month to reach a new all-time high of around $93,000.

Given the unpredictable nature of most cryptocurrencies, it comes as no surprise that Bhutan is choosing to sell off some of its holdings.

However, while Bhutan is selling, they are not completely out of the picture. The country still holds more than 12,000 BTC, maintaining its position as one of the largest sovereign holders of Bitcoin.

The government’s slow steps of gradually selling a small portion of their stash while retaining the bulk of it suggest an effort to lock in profits without fully exiting.

Is Bitcoin Due for a Pullback?

Several experts are warning that an adjustment is due following the new height attained by Bitcoin.

Crypto analyst Ali Martinez also highlighted the TD Sequential indicator, which is signaling that a retracement could be coming soon.

But while some are preparing for a pullback, others are still going all-in. According to data from Santiment, Bitcoin whales have added over 100,000 BTC to their holdings in the past week alone.

Bhutan’s recent Bitcoin sales also highlight a broader trend of governments and large institutions becoming increasingly involved in the crypto market.

The United States government, for example, has become the largest holder of Bitcoin among governments, thanks to seizures.

But with pro-crypto figures like Donald Trump considering a Strategic Bitcoin Reserve, Bhutan’s calculated approach could be a preview of government-backed Bitcoin accumulation to come.

What’s Next?

With so much riding on Bitcoin’s next move, the question remains: will it continue its meteoric rise or face a significant pullback?

Analysts are divided. While some believe that Bitcoin could hit $100,000 by the end of the year, others are preparing for a correction.

As the market continues to fluctuate, Bhutan’s strategic sales could be just the beginning of what’s to come.

For now, one thing is clear: Bitcoin’s volatility is as high as ever. As governments and institutional players like Bhutan continue to make their moves, all eyes will be on the flagship cryptocurrency, waiting to see which direction it takes next.

At the last count, Arkham Intelligence reports that Bhutan currently holds approximately $1.03 billion in Bitcoin, with a total of 12,206 BTC.

In addition to BTC, the country also has around $2 million in Ether (ETH) and other cryptocurrencies.