The Royal Government of Bhutan dumped another 213.16 BTC from its Bitcoin holdings on Thursday. This happened after the BTC price hit a new all-time high of $112,050 amid massive buying from traders amid an Nvidia-led tech stocks rally.
The Bhutan government-linked wallet moved 213.16 BTC worth $23.7 million to crypto exchange Binance on July 10, as per on-chain platform Lookonchain. The wallet still holds 11.924K BTC worth $1.33 billion, along with Ethereum, BNB, MATIC, and other cryptocurrencies.
This was an expected move as some investors booked profit after BTC hit a new ATH. The largest single liquidation order of BTC-USDT, valued at $51.56 million, happened on crypto exchange HTX, as per Coinglass data.
The Bhutan government has been quietly liquidating its Bitcoin holdings over the last few months. Most recently, the wallet moved nearly 140 BTC to crypto exchange Binance last week, according to Arkham data.
The country laid out a broader and clearer vision to bring crypto into everyday life by building partnerships with Binance Pay and others. Binance CEO Richard Teng also hailed Bhutan’s vision as the world’s first national crypto payment system.
Meanwhile, the BTC price pared some gains after hitting a new ATH in the past 24 hours. At the time of writing, Bitcoin was trading at $111,020, with a 24-hour low and high of $108,546 and $111,925, respectively. Furthermore, the trading volume increased by 44% in the last 24 hours, indicating a massive interest among traders. Peter Brandt and some other top analysts predicted that the Bitcoin price could hit $135K this year.
Also Read: How Bhutan Secretly Mined Bitcoin Worth 40% of Its GDP
