In a shocking development, the Royal Government of Bhutan reportedly transferred 633 BTC on Friday, sparking global market speculation. On-chain data shows that the government transferred the said amount to two unknown addresses, one of which is likely linked to crypto exchange giant Binance. As such, market watchers remain curious as Bitcoin’s price has recently recovered to hit the $102K mark.
According to the latest data from Arkham Intelligence, the Royal Government of Bhutan transferred 633 BTC in two transactions on January 17. Initially, the government transferred 255.26 coins, worth $26 million, to an unknown address 38mbNK7j7. Interestingly, according to Onchain Lens tracking data on X, this address is likely to belong to Binance.
In addition, the Bhutanese government once again transferred 377.78 Bitcoin, worth $38.57 million, to an unknown address bc1qavh2. Overall, this massive transfer has caught the attention of the crypto sector as it comes amid a broader crypto market recovery.
Furthermore, it is worth noting that the Bhutanese government still holds 11,055K BTC, worth $1.13 billion, according to Arkham data. Market observers remain cautious as the motive behind this massive transfer remains unclear. Additionally, if the entity decides to sell in the near future, increased selling pressure could trigger additional volatility in the major cryptocurrency.
Meanwhile, Bhutan’s Mindfulness City Gelephu (GMC) recently announced plans to include Bitcoin, Ethereum, and BNB in its strategic reserves, solidifying the country’s crypto adoption plans. The aforementioned transfer, following this news, adds a layer of mystery among global market participants.
At the time of writing, BTC price has seen a 3% increase in value, reaching $102,303. The intraday low and high were $97,364.44 and $102,502.81, respectively. The current upward trajectory is in line with surging market optimism as new President Donald Trump takes office on January 20.
Furthermore, a recent Bitcoin price analysis revealed a price target of $130K. This bullish expectation comes amid a strong market trend, fueled by positive on-chain data and massive activity by crypto whales. However, crypto traders and investors are closely watching the price movements of this major crypto, given the massive transfer by the Government of Bhutan.
