Bhutan Government transfers $12.05 million worth of Bitcoin to Binance… "Potential for selling"
Son Min
Summary
- OnchainLens reported that an address presumed to be the Bhutan Government transferred 99.47 Bitcoins (approximately $12.05 million) to Binance.
- Over the past two weeks, the Bhutan Government has reportedly transferred a total of 650 Bitcoins (approximately $74.24 million) to Binance.
- It was noted that large-scale coin deposits could be linked to an increase in selling pressure and a rise in short-term volatility.
It has been revealed that an address presumed to belong to the Bhutan Government deposited 99.47 Bitcoins (BTC) into the global cryptocurrency exchange Binance.
On the 14th (local time), OnchainLens announced via X (formerly Twitter), "The Bhutan Government has made an additional deposit of 99.47 BTC (approximately $12.05 million) to Binance."
Recently, the Bhutan Government is believed to be consistently selling Bitcoin. In the past two weeks alone, the amount of Bitcoin transferred to Binance reached as much as 650 coins (approximately $74.24 million).
Typically, large-scale coin deposits to exchanges may lead to increased selling pressure, which can be a factor causing short-term volatility.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Exclusive] South Korea’s FSS to look into ZKsync coin after a 1,000% surge in just three hours](https://media.bloomingbit.io/PROD/news/073d8ae6-ffa0-4b8b-85dd-3f131d9eb908.webp?w=250)
