EddieJayonCrypto

 15 Nov 24

tl;dr

The Bhutan government has moved 367 BTC (worth $33 million) to the Binance exchange, potentially to secure profits following the recent Bitcoin price rally. This comes after a previous sale of $66 million worth of BTC. Bhutan still holds 12,206 BTC ($1.11 billion) and may continue offloading as the ...

The Bhutan government recently moved 367 BTC, equivalent to $33 million, to the Binance exchange, potentially securing profits amid the recent Bitcoin price rally. This follows a previous sale of $66 million worth of BTC. Bhutan still holds 12,206 BTC, valued at $1.11 billion, and may continue offloading as the Bitcoin price rises.

Additionally, the US, under the Trump administration, is considering actively accumulating BTC and creating a Strategic Bitcoin Reserve. Analysts suggest that profit-taking by investors like Bhutan could lead to a short-term price correction for BTC, despite ongoing accumulation by other whales.

This move by the Bhutan government indicates a significant selling pressure on BTC, potentially leading to a short-term price correction. However, while some whales are offloading their coins, others are still accumulating for the next leg of the bull run.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 22 Nov 24
 22 Nov 24
 22 Nov 24