In a riveting turn of events, the Royal Government of Bhutan has been recorded moving a staggering 633 BTC on Friday, sparking market discussions globally. On-chain data pointed out that the government moved the abovementioned amount to two unknown addresses, with one potentially linked to the crypto exchange giant Binance. Therefore, market watchers remain curious as Bitcoin price recently recovered to reach the $102K level.
Royal Government Of Bhutan Moves 633 BTC Amid Broader Recovery
According to the latest data by Arkham Intelligence, the Royal Government of Bhutan moved 633 BTC via a couple of transactions on January 17. The government initially transferred 255.26 coins, worth $26 million, to the unknown address 38mbNK7j7. Notably, per data by the tracker Onchain Lens on X, this address likely belongs to Binance.
Further, the Bhutanese government again shifted a whopping 377.78 Bitcoins, worth $38.57 million, to the unknown address bc1qavh2. Altogether, the massive transfers gained significant traction across the sector as they occurred amid a broader crypto market recovery.
Also, it’s noteworthy that the Bhutan Government still holds 11.055K BTC, worth $1.13 billion, per Arkham data. Market watchers remain apprehensive as the motive for the massive transfers currently remains unclear. Besides, given that the entity decides to sell ahead, heightened selling pressure could further present the flagship crypto with turbulence.
Simultaneously, it’s also mentioned that Bhutan’s Gelephu Mindfulness City (GMC) has recently announced plans to include Bitcoin, Ethereum, and BNB in strategic reserves, bolstering its crypto adoption plan. The abovementioned transfers following this news have further added a layer of intrigue among market participants globally.
What’s Next For The Flagship Crypto?
At the time of reporting, BTC price witnessed a 3% uptick in value, reaching $102,303. The coin’s intraday low and high were $97,364.44 and $102,502.81, respectively. Notably, the current upward trajectory aligns with soaring market optimism as President-elect Donald Trump is set to take office on January 20.
Moreover, a recent Bitcoin price analysis by CoinGape revealed that a $130K price target for the coin looms right over the horizon. The bullish anticipation comes against the backdrop of strong market trends, driven by bullish on-chain data and whale activity spurt. Nevertheless, crypto traders and investors are extensively eyeing the flagship crypto for further price action shifts, attributable to the Bhutan Government’s massive transfers.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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