Bhutan Resumes Bitcoin Selling Spree: Here’s the Latest BTC Transfer
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Less than a year after announcing Gelephu Mindfulness City to be funded by BTC sales from hydropower mining, the Royal Government of Bhutan has deposited almost 435 BTC (about $28 million) into Binance, according to on-chain tracker Lookonchain. With BTC price trying to stabilize around $65,000 this continued placement into a major CEX suggests imminent selling that could create downward pressure on the crypto market and weigh on adoption and fundraising prospects.
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Less than a year after announcing plans to develop a new special administrative region called Gelephu Mindfulness City (GMC) using the proceeds of BTC sales acquired through hydropower mining, the Royal Government of Bhutan has continued to offload as the asset’s price is trying to stabilize at around $65,000.
Data from the on-chain analytics resource Lookonchain indicated that the administration has deposited almost 435 BTC (worth around $28 million) into Binance, likely with the intention to sell, as in all previous examples.
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