Bhutan Sells $59.4 Million in Bitcoin Amid 12.4% Price Surge

The Royal Government of Bhutan has recently sold a significant amount of Bitcoin, totaling over $59.4 million, within just four days. This sale involved 512.84 BTC, executed through six separate transfers to the Binance exchange between July 10 and July 14. The transactions included a large transfer of 208.56 BTC worth approximately $23.18 million, along with other smaller tranches.

Despite this substantial sale, Bhutan still holds a considerable amount of Bitcoin, with 11,411 BTC valued at roughly $1.4 billion at current prices. This positions Bhutan as one of the largest sovereign holders of Bitcoin globally. The country's overall crypto treasury, which includes other assets like 656.01 ETH worth $1.93 million, has seen an increase in value. Last week, the total value of the treasury was $1.29 billion, and by July 14, it had risen to $1.37 billion, a $73.33 million jump in just one week. This increase could be attributed to a 12.4% intraweek Bitcoin price jump, which saw the largest coin by market cap rise from $108,000 to $122,000.

The recent liquidation spree by the Bhutan government coincides with Bitcoin's price gains after weeks of consolidation between $105,000 and $108,000. On July 14, Bitcoin reached $122,500 on Coinbase, marking a new price discovery when it surged past $118,000. During this period, Bhutan transferred over $23 million worth of BTC to Binance, suggesting that the government may be actively managing its crypto portfolio to lock in profits during market highs.

This price surge occurred amidst new tariffs imposed by the United States against the EU and Mexico, which historically would have been bearish for risk assets. However, the Average Range Volatility (ARV), a measure of BTC’s real-world volatility, has experienced an uptick of 25% in the last 951 days and is now above 84. Analysts note that upward reversals under such conditions are statistically rare.