Bhutan Government Bitcoin Transfer $47M, Raising Market Concern

Is the Bhutan Government Bitcoin Transfer, Rising Market Pressure?

The Bhutan Government Bitcoin Transfer has created waves in the crypto industry as it moved 419.5 BTC worth $47.23 million on Wednesday, raising concerns about more selling in the crypto market, recently Lookonchain reported on its X. 

Source: X 

This is the second week in a row that Bhutan has moved a large amount of Bitcoin. Last week, the Royal Government of Bhutan transferred $107 million after the U.S. Federal Reserve started cutting interest rates.

Bhutan-Government’s Bitcoin-Outflows

The report says that the Bhutan-government moved 419.5 BTC to another wallet. This followed last week’s transfer of 913 BTC-worth nearly $107 million to two new wallets.

Arkham data shows the Bhutan wallet has sold some BTC to Binance over the past few months. At the same time, the government is adding BTC and other crypto through mining. 

Source: Arkham

Even after these transfers, Bhutan-still holds 9,232 BTC valued at $1.04 billion at today’s prices.

Rising Selling Pressure in the Crypto Market

Experts, including 10x Research and Matrixport, warn that it could fall. They see $109,899 as a key price level. Many options traders, whales and spot Bitcoin-ETF investors are showing negative sentiment.

Fed Chair Jerome Powell’s recent statements added more uncertainty. He said inflation is still high and rejected big rate cuts. Only new Fed Governor Stephen Miran supports a 50 bps cut.

These global issues may be why Bhutan is speeding up Bitcoin-sales.

Bitcoin Price Today

As per the data of CoinMarketCap, the coin is trading at $113,045, down 0.07% in the last 24 hours. The price ranged between $111,229 and $113,351, while trading volume dropped 13%, showing less interest from traders.

If you see the last one week data then, it has traded around $111k to $117k, although the decline in its graphs might be due to massive outflows in BTC-ETFs. 

The RSI shows increasing weakness, staying below the neutral 50.0 level, which points to stronger bearish momentum. This trend could extend losses for BTC-holders as selling pressure rises.

Final Thoughts 

The Bhutan-government’s BTC-transfers show growing uncertainty in the crypto market. Global policies and investor sentiment are affecting Bitcoin’s short-term price. Over $154 million moved in two weeks is making traders watch closely to see if more selling is coming.