Bhutan Moves 633 BTC Amid Crypto Recovery Sparking Market Speculation

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In a latest development, according to data from Arkham Intelligence, The Royal Government of Bhutan recently moved 633 BTC to two unknown addresses, with one possibly connected to Binance. This action has sparked global market discussions, especially as Bitcoin’s price recently recovered to $102K.

Notably, on January 17, the Royal Government of Bhutan moved 633 BTC in two transactions, totaling $64.57 million. The first transfer of 255.26 BTC, valued at $26 million, went to an address potentially linked to Binance. The second transfer of 377.78 BTC, worth $38.57 million, was sent to another unknown address. These moves gained significant attention as they coincided with a broader recovery in the crypto market.

According to Arkham data, the Royal Government of Bhutan still holds 11.055K BTC, worth $1.13 billion. Market observers are concerned about the reason behind the recent massive transfers, as any potential sale could create significant selling pressure, that could cause turbulence in the Bitcoin market.

Besides, Bhutan’s Gelephu Mindfulness City (GMC) recently revealed plans to add Bitcoin, Ethereum, and BNB to its strategic reserves, boosting its crypto adoption efforts. The recent BTC transfers by the government have sparked even more curiosity among global market participants.