Bhutan sent 533 BTC to the exchange — the country's reserves have decreased to 1,750 BTC
Wallets associated with the government of Bhutan have transferred 533 BTC to the crypto exchange Binance. The transaction amount was approximately $34.5 million at the current exchange rate. After this transfer, about 1,750 BTC remained in the state reserve addresses.
Let me remind you that Bhutan's bitcoin reserve was formed exclusively through mining using surplus hydroelectric power. The country, possessing significant hydro resources, actively used cheap electricity to mine the first cryptocurrency. Currently, the government funds at least four mining sites.
Notably, in recent months, the inflow of new coins into the national fund has completely ceased. This could indicate either a reallocation of mined funds for operational needs or a temporary suspension of mining operations.
Expert commentary: Transferring such a significant volume of bitcoins to an exchange is not necessarily a signal of an impending sale. Most likely, Bhutan is using the liquidity to finance government projects or hedge risks. However, the cessation of new coin inflows into the reserve is concerning: if the mining infrastructure is not updated, the country risks losing its competitive advantage amid the growing network difficulty.