Key facts
- Wallets linked to the Royal Government of Bhutan sent 700 BTC, valued at approximately $43.75 million, to Binance.
- The largest single transfer involved 634 BTC worth about $39.6 million.
- Bitcoin's price moved above $62,000 on Saturday.
- U.S. non-farm payrolls for June showed 57,000 jobs added, significantly below the 115,000 expected.
- The U.S. unemployment rate was reported at 4.2%.
Wallets linked to the Royal Government of Bhutan transferred approximately $43.75 million worth of Bitcoin to the cryptocurrency exchange Binance. The transfers, totaling 700 BTC, occurred as Bitcoin's price surged past $62,000 on Saturday.
According to data from Arkham Intelligence, the largest single transaction involved 634 BTC, valued at around $39.6 million, sent to a Binance deposit address. An additional 66 BTC, worth approximately $4.12 million, was also transferred to the same exchange.
While the move to a centralized exchange might suggest a sale, it does not necessarily confirm it. Such transfers can be used for various purposes including over-the-counter trades, collateral management, or liquidity operations. The specific reason behind Bhutan's government wallets moving Bitcoin remains unclear.
Following these transactions, approximately 1,750 BTC, valued at around $109.27 million, remains in Bhutan's possession. This activity follows previous Bitcoin movements by Bhutan-related wallets in the prior month, which totaled over 1,095 BTC, exceeding $67 million at the time.
Bitcoin's resurgence above $62,000 coincided with the release of U.S. labor market data. The Bureau of Labor Statistics reported that the U.S. economy added only 57,000 jobs in June, falling short of the 115,000 expected. May's job creation figures were also revised downward. The U.S. jobless rate stood at 4.2%, slightly below the forecasted 4.3%. This data has fueled hopes that the Federal Reserve may consider interest rate cuts to combat inflation.