Bitcoin News: Bhutan Govt Dumps Over $66 Million in BTC to Binance

Bitcoin News: Royal Government of Bhutan deposited 929 BTC to crypto exchange Binance, an on-chain data expert reported on Tuesday. The move comes as BTC price rallied over $71,000 amid improving market conditions, Uptober rally sentiment, US elections, and technical strength in the Bitcoin chart.

Bhutan Govt Reduces Bitcoin Holdings, What’s Next?

Royal Government of Bhutan has surprisingly decided to sell part of its crypto holdings. Lookonchain reported that the wallet related to the Bhutan government transferred 929 BTC worth $66.55 million to Binance. This transfer of large amounts of BTC during the bull run has raised speculation within the crypto community.

According to Arkham Intelligence data, Bhutan govt now holds 12,456 BTC, which is valued at $886.58 million. As per the blockchain analytics firm Arkham recent findings Bhutan ranks fourth globally in terms of government holdings of Bitcoin.

The wallet related to the government also holds Ethereum worth over $1 million, as well as other crypto such as BOBO, SAND, MATIC, BNB, BIM, INS, and USDT. However, Bitcoin remains the largest and dominant holding in the Bhutan govt-related wallet.

The decision to sell Bitcoin holdings was likely due to BTC price rally over the $71,000 level in the last 24 hours. This news may impact Bitcoin price rally.

Bitcoin News: Will BTC Price Continue Rally or Fall?

With US election results in less than a week from now and Donald Trump extending his lead over Kamala Harris in the prediction market has sparked a rally in the crypto market.

Also, Renowned trader Peter Brandt noted that Bitcoin completed a five-month inverted expanding triangle pattern, a bullish indicator. As Bitcoin breaks this pattern, the sequence of lower highs and lower lows appears to have ended. This shows that the post-halving rally may now be underway with analysts expecting BTC to hit $80,000 by November end.

Amid this latest Bitcoin news, BTC price extended its gains, with the price currently trading at $72,446. The 24-hour low and high are $70,906 and $73,577, respectively. Furthermore, the trading volume has increased by 110% in the last 24 hours and is above $52 billion, indicating a massive interest among traders.