According to data provided by the on-chain analytics platform Arkham Intelligence, the Royal Government of Bhutan sold 406 Bitcoin today. The total sale value was approximately $40 million, while Bitcoin’s price saw a 1.5% decline. The government still holds a significant amount of BTC in its reserves, ready to sell more.
Bhutan Government Sells $40 Million Worth of Bitcoin
Reports indicate that the Royal Government of Bhutan sold 406 Bitcoins today, worth approximately $40 million. This sale coincided with Bitcoin’s price nearing $100,000 and its push for a new all-time high (ATH). Over the past two months, the government has periodically reduced its holdings amid significant price increases, particularly following Donald Trump’s election victory, which spurred market optimism.
According to Arkham Intelligence, the government transferred 406 BTC to QCPCapital. The transfer, valued at $40 million, has sparked widespread discussions, with many speculating it was a move to liquidate assets.
Bhutan’s Treasury Still Holds Significant BTC Reserves
Data shows that Bhutan’s treasury still holds 11,791 Bitcoins, making it the fourth-largest government holder of Bitcoin worldwide. The total value of these holdings, based on the current Bitcoin price, is approximately $1.164 billion. Bhutan has notably bolstered its BTC reserves through government-backed hydroelectric-powered Bitcoin mining operations.
Since late October, when Bitcoin’s price began surging, the Bhutan government has sold a total of 1,696 BTC. These sales generated approximately $139 million in revenue, with an average selling price of $81,999 per Bitcoin. The transactions were facilitated through Binance and QCPCapital.
What’s Next for Bitcoin Prices?
This development comes as Bitcoin struggles to surpass the psychological resistance level of $100,000. Currently, Bitcoin is trading at $98,190, with a market capitalization of $1.943 trillion.
Data from Deribit reveals that 139,960 Bitcoin options contracts are set to expire on December 27, 2024. QCP Capital notes that while a price squeeze could occur if spot prices rise, it considers the likelihood of such a scenario to be low. The firm has observed profit-taking on $100,000 BTC options positions, with some traders rolling over their contracts to March 2025 (targeting the $130,000–$150,000 range).
Optimism for 2025
While Bitcoin’s short-term fight to breach the $100,000 mark continues, analysts remain optimistic about its long-term trajectory. As previously reported by Kriptokoin.com, Standard Chartered predicts Bitcoin could reach $200,000 by the end of 2025.
Additionally, increased inflows into Bitcoin ETFs and institutional purchases by companies like MicroStrategy are expected to fuel further price rallies. Reports also suggest that tech giants such as Amazon and Microsoft plan to add Bitcoin to their reserves next year, further bolstering market sentiment.
