A series of Bitcoin transfers from wallets linked to the Bhutan government has received attention from Cryptocurrency viewers. According to Blockchain details from Arkham, addresses moved to Druk Holdings, the commercial arm for Bhutan’s government, 419.5 Bitcoin worth approximately $ 34,51 million to an unidentified address on April 2.
State wallets transfer large sum to new address
Based on reports from ArkhamA blockchain analysis platform, two separate wallets believed to belong to the Bhutan government participated in the transfer. The main bitcoin holding wallet sent 377.8 BTC ($ 32.11 million) to a new address identified only as “BC1QN6.” A second wallet, labeled “34OXLR,” contributed another $ 41.7 BTC ($ 3.5 million) to the same destination.
Source: Arkham
The funds remain in the new wallet at the time of this report. This movement follows a major transfer last week when the government reportedly changed $ 1,664 ($ 144.57 million) to several different addresses.
Bhutan maintains significant crypto holdings
The royal government in Bhutan owns significant Bitcoin holdings, despite the latest sales. Bhutan, based on Bitcoin Treasuries DataOwns 13,029 BTC worth $ 1,061,269 247. This puts the fourth in total Bitcoin owned among countries, just behind El Salvador.
Source: Bitcoin Treasuries
The landstand Buddhist majority country has emerged as an off-beat contributor to the Cryptocurrency world. Bhutan reportedly has mines Bitcoin by utilizing its abundant hydropower resources. This latest stock of Cryptocurrency is a significant part of the total economy – 31% of the country’s gross domestic product (GDP), estimated at almost $ 3 billion.
Market response after the news
Cryptocurrency -market does not appear to be affected by Bhutan’s bitcoin movements. According to the price information, Bitcoin recovered from a low $ 81 014 to reach $ 82,005 before withdrawing anything. This represents a 2.5% rebound within one day.
The leading Cryptocurrency traded to $ 82 401 At the time of the report, an increase of almost 1% shows for 24 hours. If this upward trend continues, Bitcoin can achieve its third positive daily day in a row for the first time since the beginning of January.
While Bhutan has sold its Bitcoin for profit, the United States is trying to stop all sales of their balance and even expand it. Interestingly, US President Donald Trump signed an executive order last month to establish a Strategic Bitcoin Reserve for the nation. Meanwhile, Senator Cynthia Lummis has submitted the Bitcoin Act and tried to acquire 1 million BTC for the nation.
Image from AD, Chart from TradingView
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