Key facts
- The Royal Government of Bhutan transferred 490.87 BTC, valued at nearly $32.74 million.
- The transfer was made to new wallets, raising concerns about a potential selloff.
- Bitcoin's price has rallied significantly, trading above $75,000.
- Analysts suggest Bitcoin could rally further, with potential targets around $83,000.
- High conviction buyers have been accumulating Bitcoin, mirroring behavior seen in 2022.
The Royal Government of Bhutan has moved over 490 BTC, valued at approximately $32.74 million, from its primary wallet to new addresses. This significant transfer occurs as Bitcoin experiences a notable price rally, surpassing the $75,000 mark.
Data from Onchain Lens and Arkham indicates that the largest single transfer was 485 BTC. These movements have raised concerns among market participants about a potential selloff, especially given the substantial decrease in Bhutan's total Bitcoin holdings from around 13,000 BTC in October 2024 to 967 BTC currently.
The Bitcoin price has seen a nearly 20% increase this week, with trading volumes also rising. Analysts like Ali Martinez suggest that Bitcoin could see further upside, with the next major supply cluster identified around $83,000. Strong support is noted between $61,849 and $63,111.
On-chain data from Glassnode shows that high conviction buyers have been accumulating Bitcoin since January, exhibiting behavior similar to previous cycles but with a larger share of supply acquired. The total Bitcoin open interest across exchanges has also surpassed $56.93 billion, indicating increased trader interest.