Royal Government of Bhutan Deposits 365 BTC Worth $33.31M to Binance

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In this rapidly evolving cryptocurrency landscape, Bhutan is gaining significant attention from crypto enthusiasts due to its mindful approach to crypto.

Government of Bhutan Dump $33.31M of BTC 

On November 14, 2024, the whales and institutions transactions tracker Lookonchain posted on X (formerly Twitter) that the Royal Government of Bhutan had deposited a significant 365 Bitcoin worth $33.31 million into Binance, the world’s largest cryptocurrency exchange.

Source: X (Previously Twitter)

However, this notable transaction occurred when the government’s BTC holdings reached $1 billion during the period when BTC hit its all-time high (ATH). Moreover, this significant deposit on Binance appears to be either a profit booking or used for another purpose, such as swapping, staking, or other activities.

Bhutan’s Current Bitcoin Holdings

Following this notable BTC dump, the Royal Government of Bhutan’s Bitcoin holdings dropped to 12,573 BTC which is currently worth over $1.15 billion. In addition to BTC, the government also holds 656 ETH worth $2.11 million.

The country has been highly active in BTC mining since 2021 and, since then, has aimed to grow its BTC reserves despite asset price fluctuations. With its bold approach, Bhutan, holding 12,573 BTC, is now the fourth-largest government holder of BTC.

Current BTC Price and Open Interest

Despite this notable dump on Binance, Bitcoin’s price remains positive and near the $91,000 level. As of now, BTC is trading at around $90,920 and has registered a gain of over 1.8% in the past 24 hours. At the same time, its trading volume jumped by 18%, indicating heightened participation from traders and investors.

Besides these transactions, BTC’s open interest has soared by 4.82% in the past 24 hours and 2.9% in the past four hours. This surge in open interest indicates heightened participation from traders and investors.