Bhutan moves over $62 million in bitcoin to Binance in past four days of BTC rally: Arkham

The Royal Government of Bhutan transferred 512.84 BTC ($62.6 million) to a Binance crypto exchange deposit address over the past four days, coinciding with the cryptocurrency's multiple rewrites of its all-time high record.

According to Arkham data, the Bhutan government has made six transfers to the same Binance deposit address since last Thursday. The latest transfer of 99 BTC was made earlier today, at around 2:10 a.m. ET.

The series of transfers comes two weeks after Bhutan moved 137.245 BTC to the same address at the end of June, which is the most significant movement of its bitcoin holdings since a $33 million deposit in November when bitcoin was approaching $100,000. This may indicate a pattern of selling bitcoin during price rallies.

Arkham data shows that the Bhutan government still holds 11,411 BTC, valued at $1.4 billion, which is more than 40% of Bhutan's gross domestic product. The bitcoin holdings are held by Druk Holdings & Investments, the sovereign wealth fund of Bhutan.

The country has been primarily building up its bitcoin reserves by mining the cryptocurrency, utilizing its ample hydroelectric power to fuel sustainable mining operations.

Meanwhile, bitcoin set its new all-time high record of over $123,000 today on the back of high institutional demand and anticipation for positive developments from crypto legislation in the U.S. According to The Block's bitcoin price page, bitcoin is currently up 4% to trade at $122,779.