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The Royal Government of Bhutan has recently made news in the cryptocurrency world by depositing 929 BTC worth about $66 million into the Binance cryptocurrency exchange. According to Arkham Intelligence, an on-chain analytics platform, this is the first time since July that Bhutan has sent Bitcoin (BTC) to an exchange. The government deposited $24 million worth of BTC in July to Kraken.
Bhutan’s Sudden Bitcoin Transfer Raises Speculations
Bhutan government first transferred 100 BTC ($7.1 million) to Binance. Some minutes later, it sent another 839 BTC ($59 million). This recent deposit is part of Bhutan’s quiet strategy to buy Bitcoin. Furthermore, the move responds to the growing acceptance of cryptocurrency worldwide and the potential for digital assets to yield high returns.
Bhutan’s sudden transfer to one of the largest cryptocurrency exchanges raises questions about its intentions. This move might show that Bhutan wants to sell some of its Bitcoin (BTC) to diversify investments or raise money for national projects. However, these are just speculations. Alternatively, Bhutan might have deposited to engage more actively in digital finance or to take advantage of trading opportunities.
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Another post by Lookonchain, a blockchain analytic platform, revealed that the Royal Government of Bhutan still holds 12,456 BTC ($886 million). Meanwhile, some weeks ago, Bhutan also sent 228.8 Ethereum (ETH), valued at $600,000, to a Binance hot wallet address. Notably, Bhutan’s balance makes it the fifth-largest nation-state holder of Bitcoin.
German Government Transfer of BTC to Exchanges
The transfer of BTC to prominent exchanges has drawn considerable attention within the cryptocurrency community. In June, the German government transferred 400 BTC, valued at approximately $24.34 million, to major exchanges Coinbase and Kraken. This move suggested a potential intention to liquidate these assets.
This activity followed January’s government’s seizure of 50,000 Bitcoin from the notorious piracy site Movie2k. Undoubtedly, confiscating digital assets was part of a larger crackdown on illegal online activities and digital piracy. Meanwhile, this is in addition to the $130 million and $65 million BTC sent to different exchanges on the 19th and 20th of June, respectively. Arkham reports revealed that the German government now holds over 46,359 BTC worth over $2.8 billion at the current price.
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Satoshi’s Suspicious Bitcoin Transfer
While everyone is busy investing in Bitcoin Exchange-Traded Funds (ETFs), many investors are also speculating about the Satoshi wallet transfer and wondering who exactly sent BTC to the wallet.
The transaction occurred shortly after BTC celebrated its 15th anniversary, adding an extra layer of significance to the event.
An anonymous figure moved 26.917 BTC to Satoshi Nakamoto’s original Bitcoin wallet. The motives behind this transfer remain a mystery. The sender opted for a “send everything” approach, transferring their funds, signifying a symbolic gesture, or an attempt to influence market sentiment.
