- Bhutan sold 406 Bitcoin worth $40M, but still holds 11,791 BTC in its government treasury.
- Despite selling Bitcoin, Bhutan maintains a $1.16B reserve, staying bullish on BTC’s future.
- The sale of 406 BTC highlights Bhutan’s strategy amid Bitcoin’s price struggle to break $100K.
The Royal Government of Bhutan has sold 406 Bitcoins worth $40 million, riding on the recent cryptocurrency price rally. Arkham Intelligence’s blockchain analytics revealed that Bhutan transferred the Bitcoin to QCP Capital, signaling a calculated sell-off. Bhutan’s treasury now holds 11,791 BTC, placing it among the largest government Bitcoin holders globally, with a value of $1.164 billion at current prices.
Ongoing Bitcoin Treasury Adjustments
The sale aligns with Bhutan’s recent trend of gradually liquidating its Bitcoin holdings during market highs. Since late October, the government has sold 1,696 BTC, which generated $139 million at an average price of $81,999 per coin.
Binance and QCP Capital facilitated these transactions to enable the sales. The country acquired much of its Bitcoin reserve through hydro-powered mining operations, making its strategy notable for integrating renewable energy in the mining process.
Furthermore, the sale coincides with Bitcoin’s struggle as it attempts to break the $100K resistance level amid heightened market activity. Currently, Bitcoin trades at $97,022, showing a minor decline of 2.46%.
Deribit data shows that traders have 139,960 Bitcoin options contracts set to expire on December 27. QCP Capital reports traders are adjusting positions for higher price brackets, reflecting optimism despite the current challenges.
Market Trends and Predictions
Despite short-term hurdles, analysts remain bullish on Bitcoin’s long-term price trajectory. Analysts predict Bitcoin could reach $200K by 2025, driven by factors like institutional purchases and ETF inflows. Companies like MicroStrategy continue to bolster holdings, and reports suggest that tech giants like Amazon and Microsoft might adopt Bitcoin as a treasury reserve asset in 2025.
Macroeconomic indicators, including US CPI and PPI data releases, will drive the next moves in the crypto market. These figures could influence market behavior and shape investor strategies for the coming weeks. Bhutan’s strategic Bitcoin sales highlight the ongoing balancing act that governments face in leveraging cryptocurrency amid volatile market conditions.
