A series of Bitcoin transfers from Bhutan government-linked wallets have attracted the attention of cryptocurrency watchers. According to Arkham blockchain data, the address tied to Druk Holdings, the commercial arm of the Bhutan government, moved 419.5 Bitcoin worth around $3,451 million to an unidentified address on April 2nd.
Government wallets transfer large amounts to new address
Based on a report from Arkham, a blockchain analytics platform, two separate wallets believed to belong to the Bhutan government took part in the transfer. The main Bitcoin retention wallet has sent 377.8 BTC ($32.11 million) to a new address identified only as “BC1QN6”. The second wallet, labelled “34oxLR,” contributed an additional 41.7 BTC ($3.5 million) to the same destination.
Source: Arkham
As of this report, the funds remain in the new wallet. The move follows a massive move last week where the government reportedly shifted 1,664 BTC ($144.57 million) to several different addresses.
Bhutan maintains important crypto holdings
The Royal Government of Bhutan owns important Bitcoin Holdings despite recent sales. Bhutan owns 13,029 BTC for $1,061,269,247, based on Bitcoin Treasuries data. This makes the fourth total of Bitcoin owned among the countries just behind El Salvador.
Source: Bitcoin Treasuries
The majority of inland Buddhism countries have emerged as eccentric contributors to the cryptocurrency world. Bhutan is reportedly mining Bitcoin by utilizing its abundant hydroelectric resources. This latest cryptocurrency stockpile accounts for a significant portion of the total economy. This is 31% of GDP, estimated at nearly $3 billion.
Market response following news
The cryptocurrency market appears to be unaffected by the movement of Bitcoin in Bhutan. Bitcoin recovered from its $81,014 low, reaching $82,005, pulling back slightly, according to price data. This represents a 2.5% rebound within a day.
The major cryptocurrencies traded at $82,401 at the time of reporting, up almost 1% in 24 hours. If this upward trend continues, Bitcoin will be able to achieve its third consecutive positive positive closing for the first time since early January.
Bhutan is selling Bitcoin for commercial purposes, but the US is about to stop selling all balances and expand it. Interestingly, US President Donald Trump signed an executive order last month to establish strategic Bitcoin reserves for the nation. In the meantime, Senator Cynthia Ramis is introducing the Bitcoin Act and is about to acquire 1 million BTC for the people.
AD special images, TradingView chart
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.
