The Royal Government of Bhutan has moved over $ 100 million worth of Bitcoin this week, which has raised concerns about the potential selling pressure on the market as the US Federal Reserve delivered the first interest rate cut of 2025.
Wallet labeled labeled Bhutan government moved 913 Bitcoin (Btc) costs nearly $ 107 million in two newly created cryptocurrency wallets on Thursday.
The original purse still holds 9,652 bitcoin worth more than $ 1.1 billion, According to To blockchain data platform lookonchain.
Transfers may indicate Bhutan is preparing to sell a portion of its holdings. If the government has laid its entire stash, it can add more than $ 1 billion supply to the market.
Related: Standard Chartered Venture Arm to raise $ 250m for Digital Asset Fund: Report
This is the first activity of a month from the purse, which previously switched $ 92 million worth of Bitcoin on August 18, According to in Arkham data.
Bhutan embraced the cryptocurrency under its current monarch, King Jigme Khesar Namgyel Wangchuck, including initiatives such as The mining of hydro-powered bitcoin and A crypto reserve.
In September 2024, Arkham recognized the first Bitcoin address of Bhutan’s investment arm, Druk Holding and Investments, held $ 780 million in Crypto, which shows the benefits of cryptocurrency adoption for the development of economies.
Related: ‘Diamond Hand’ investor turns $ 1k to $ 1m while BNB leads to $ 1,000
Whales move while reducing rates of rates
Bhutan transfers came as other large holders moved coins leading the potential volatility.
On Wednesday, an unknown Whale Woke up after 12 years of dormancy to Move $ 116 million The value of Bitcoin, which he first earned for $ 847 per token, costs nearly $ 847,000 at that time.
The move took place shortly before the Federal Open Market Committee (FOMC) meeting of Wednesday, which delivered the first reduction in the US interest rate of the year.
While Bitcoin initially led $ 117,000 to the interest rate announcement, the “Median FOMC projection of only 50 BPS in the total reduction this year was optimism,” introducing short-term risks of volatility, Ryan Lee, chief analyst at the Bitget Exchange, was told Cointelegraph, Adding: Adding:
“Historically, the crypto has sank 5-8% percent following the rate cuts before its upward path continues, suggesting a potential ‘sell the news’ in the early days.”
“In the near term, Ethereum and Solana can exceed the outflow driven by ETF and network catalysts, while combining Bitcoin before targeting $ 123,000 to $ 150,000 if subsequent cuts have become materialize,” the analyst added.
https://www.youtube.com/watch?v=-cpjxnan8S4
Magazine: Bitcoin is ‘funny money on the Internet’ during a crisis: Tezos co-founder
