According to on-chain tracking platform Arkham, the Kingdom of Bhutan recently transferred approximately $34.5 million worth of bitcoin to the Binance exchange. Following this transfer, Bhutan’s bitcoin holdings have fallen below 1,750 BTC.

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On-chain analysis shows that wallet addresses controlled by the Bhutanese government made large transfers to the Binance platform. This is part of a series of bitcoin transfers by the country in recent periods. Bhutan is one of the sovereign nations that accumulated bitcoin through hydropower mining, and its bitcoin investment strategy has been closely watched by markets.

Market analysts note that sovereign nations transferring assets to exchanges is typically interpreted as a potential sell signal, but could also be routine asset management operations. The Bhutanese government has not issued an official statement on the matter.

Editor: GoodInfo Global News Team