Bitcoin Nears All-Time High Amid Profit-Taking – Is Bhutan Next to Sell?

Key Points

• Bhutan’s government recently moved nearly 1,000 BTC to Binance, signaling potential for a significant sale.
• Bitcoin surged past $73,000 but faces profit-taking pressure as holders secure gains.
• Nearly 100% of the circulating BTC supply is now profitable, with large holders, or “whales,” actively cashing out.

Bhutan’s Large Bitcoin Move: Preparing for a Sell-Off?

As Bitcoin edges closer to its all-time high, the government of Bhutan has sparked fresh speculation by transferring almost 1,000 BTC—approximately $65 million worth—to a Binance deposit address. This movement, first detected by Arkham Intelligence, suggests that Bhutan may be preparing to capitalize on Bitcoin’s recent surge by selling a portion of its substantial holdings. Bhutan’s strategic timing has heightened market attention, especially as the cryptocurrency market reacts to profit-taking by major players.

This recent transfer follows Bhutan’s rise to prominence as a significant Bitcoin holder. The country’s substantial Bitcoin reserve, estimated at around $900 million, accounts for nearly one-third of Bhutan’s GDP and is primarily held in state-operated wallets managed by Druk Holdings and managed through mining ventures in collaboration with Bitdeer Technologies Group. By leveraging its abundant hydropower resources, Bhutan is estimated to be on track to reach a mining capacity of 600 megawatts by 2025.

The Southeast Asian nation, known for its picturesque landscape and small population, became widely recognized as a Bitcoin whale earlier this year, following the public discovery of its sizable BTC holdings. This move has positioned Bhutan as the second nation, after El Salvador, to officially hold Bitcoin as part of its national reserves.

Druk Holdings’ Strategic Moves and Economic Diversification

Bhutan’s Bitcoin mining operations are integral to its broader economic diversification strategy. Druk Holdings, the state-owned organization responsible for managing these digital assets, has worked to broaden its revenue streams, with investments spanning hydropower, tourism, and now digital assets. The mining partnership with Bitdeer has enabled the country to strengthen its holdings, although the recent movement of Bitcoin holdings suggests that Bhutan may be contemplating adjustments to its strategy.

Beyond simply holding Bitcoin, Druk Holdings has shown an active trading pattern in recent weeks, with its wallets regularly involved in deposits and withdrawals. This pattern includes interactions with exchanges such as Kraken and Binance, suggesting that Bhutan is capitalizing on the current high prices to adjust its BTC portfolio. Recent transactions reveal that Druk wallets have received BTC from various sources, including miners like Foundry and other unidentified wallets, bolstering its reserves.

The Impact of Profit-Taking on Bitcoin’s Price

The recent actions by Bhutan are part of a larger trend among whales who have been taking profits as Bitcoin approaches historical price levels. Since mid-October, profit-taking has increased among large holders as Bitcoin surpasses critical price thresholds. This strategic activity has naturally dampened Bitcoin’s upward momentum and created resistance around $73,000, where selling pressure has been strongest.

The data indicates that this trend may have a lasting effect on Bitcoin’s price trajectory. As of late October, over $1.5 billion in realized profits had been recorded, primarily from entities holding significant BTC reserves. According to Glassnode, larger entities with holdings of at least 100 BTC are among the most active in securing gains, contributing substantially to the overall market dynamics. Although Bitcoin’s price could still climb to new highs, the current high rate of profit-taking could continue to introduce price resistance.

Bhutan’s Influence on the Broader Bitcoin Market

Bhutan’s recent activity demonstrates the impact that state-level and institutional players have on Bitcoin’s market performance. The scale of Bhutan’s involvement, combined with its timing as BTC flirts with record highs, indicates that government and institutional investors are keenly aware of Bitcoin’s profitability cycles. Bhutan’s move suggests that, like many large holders, it aims to capitalize on the current bullish phase.

The coming weeks could provide further clarity on whether Bhutan and other whales will continue profit-taking or hold steady, potentially pushing Bitcoin into new record territory.