Over the past four days, the Butana government sent 512.84 BTC (about $ 62.6 million) to the Binance exchange deposit address, the Arkham Intelligence exchange. Translations were carried out against the backdrop of bitcoin growth to new price maximums, reports RBC Crypto.
Although the transfers themselves do not mean automatic sale, Butan had previously confirmed that he had implemented part of his reserves at the peaks of the market.
The Himalayan Kingdom of Butan is the third largest holder of bitcoin among national governments. The country has been extracting cryptocurrency since 2020, using excess electricity from hydroelectric power stations. Unlike the United States and a number of other countries, Butan did not confiscate and did not acquire bitcoins in the market, the entire volume was obtained only due to mining.
According to ARKHAM, from July 10 to the same address on the Binance exchange from the Butan wallet, six transactions were made. The latter, at 99 BTC, was held on July 14 at about 9:10 Moscow time. At the end of June, 137.2 BTC received the same address.
Previously, such activity was recorded in November 2024 with an increase in bitcoin to $ 100 thousand. Then the Butan authorities transferred about 500 BTC to Binance (at that time about $ 33 million).
After the current translations to the exchange, about 1 thousand BTC was transferred to an unknown wallet (not marked with analysts).
Butane cryptocurrency assets are under the control of the state company Druk Holding & Investments. According to the latest data, 10,486 BTCs are stored on its wallets worth about $ 1.27 billion. The kingdom also stores 656 ETH ($ 2 million).
Butane was faced with economic difficulties after the Covid-19 pandemic, and in 2023 the government sold a cryptocurrency for $ 100 million to double the salaries of civil servants. Bitcoin sales helped the country to reduce the outflow of young specialists to other countries.
On July 10, Bitcoin first exceeded $ 113 thousand, the next day the coin rose to $ 118 thousand. In the morning of July 14, Bitcoin set its new historical record, rising to $ 123 thousand. Over the past week, the price of the first cryptocurrency increased by 12%, it ranges about $ 121.5 thousand by 15:00 Moscow time.
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Source: Cryptocurrency
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