Key Takeaways:
- Bhutan government wallets deposited 700 BTC worth $43.75 million to Binance
- About 1,750 BTC worth $109 million remains in government-linked wallets
- Bitcoin reclaimed $62,000 after weaker U.S. jobs data boosted rate-cut expectations
Back
Bhutan government moves 700 bitcoin to Binance as BTC tops $62,000
Wallets linked to the Royal Government of Bhutan deposited 700 bitcoin, valued at about $43.75 million, to Binance on Saturday as the token reclaimed the $62,000 level.
Onchain Lens, a blockchain tracking firm, identified the wallets as belonging to Druk Holding and Investments, Bhutan's sovereign wealth fund, which has accumulated bitcoin through hydropower-powered mining operations. The largest single transaction involved 634 bitcoin, worth about $39.6 million, sent to a Binance deposit address, according to Arkham Intelligence data. A separate transfer of 66 bitcoin, valued at roughly $4.12 million, followed the same route.
The transfers leave about 1,750 bitcoin, worth roughly $109.27 million, still in Bhutan-linked wallets, blockchain records show. The government has moved at least 1,095 bitcoin over the past month in a series of transactions totaling more than $67 million at the time, including transfers of 364.984 BTC, 188.558 BTC, and 150.458 BTC.
Bitcoin traded at $62,525 as of 14:30 UTC, up 1.03% in the past 24 hours, according to CoinGecko. The move above $62,000 followed weaker-than-expected U.S. labor data — the economy added 57,000 jobs in June, far below the 115,000 consensus estimate — which reinforced expectations that the Federal Reserve will continue cutting rates. The next key resistance sits at $65,000, with support at $58,000, according to technical levels tracked by Coinglass.
Exchange deposit volumes across bitcoin have been rising. CryptoQuant flagged that bitcoin inflows to exchanges reached nearly 49,000 BTC on June 30, a level reached only four times this year. Past spikes of similar magnitude have historically preceded sharp price swings. Total crypto market capitalization stood at $2.17 trillion, up 2.14% over the past day, while the Fear & Greed Index remained in "fear" territory at 26.
A move to a centralized exchange does not necessarily indicate an intent to sell. Exchange wallets can be used for over-the-counter trades, collateral management, or intra-fund consolidations. The ultimate purpose of the Bhutan government's transfers has not been publicly disclosed.
This article is for informational purposes only and does not constitute investment advice.
