{"id":18605,"date":"2024-11-14T19:34:03","date_gmt":"2024-11-14T17:34:03","guid":{"rendered":"https:\/\/forklog.com\/en\/bhutan-transfers-additional-367-btc-to-binance\/"},"modified":"2024-11-14T19:34:03","modified_gmt":"2024-11-14T17:34:03","slug":"bhutan-transfers-additional-367-btc-to-binance","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bhutan-transfers-additional-367-btc-to-binance\/","title":{"rendered":"Bhutan Transfers Additional 367 BTC to Binance"},"content":{"rendered":"<p>On November 14, the Royal Government of Bhutan moved approximately 367.26 BTC ($33.5 million) to a Binance deposit address, according to data from <a href=\"https:\/\/intel.arkm.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.<\/p>\n<p>Previously, on October 29, the &#8220;Dragon Kingdom&#8221; transferred around 935 BTC ($66.4 million at the time) to the largest cryptocurrency exchange. <\/p>\n<p>On July 1, Bhutan&#8217;s authorities <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/tx\/046ad9d3de2734c7fca46df904233ba5eb0357a6f6216c6db7f2eb1f3c752a14\">moved 381 BTC<\/a> ($24.1 million at the time) to the American exchange Kraken. <\/p>\n<p>The reason for the latest transaction is unknown; however, historically, deposits to <span data-descr=\"centralized exchanges\" class=\"old_tooltip\">CEX<\/span> are often followed by sales. <\/p>\n<p>At the time of writing, the country&#8217;s balance holds crypto assets worth $1.11 billion.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Arkham-1.webp\" alt=\"Arkham-1\" class=\"wp-image-245283\"\/><figcaption class=\"wp-element-caption\">Crypto assets in the wallets of the Bhutanese government. Data: <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.<\/figcaption><\/figure>\n<p>The funds are managed by the state investment fund Druk Holding &#038; Investments. According to BitcoinTreasuries, Bhutan ranks fifth among countries holding crypto assets.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"304\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Govs-1024x304.png\" alt=\"Govs\" class=\"wp-image-245284\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Govs-1024x304.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Govs-300x89.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Govs-768x228.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Govs.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Largest holders of crypto assets among countries. Data: <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>.<br \/><\/figcaption><\/figure>\n<p>While many countries increase their bitcoin reserves through confiscated assets, the &#8220;Dragon Kingdom&#8221; actively boosts its reserves through mining. The state utilizes abundant hydroelectric resources for this purpose. <\/p>\n<p>At the time of writing, the leading cryptocurrency is trading around $88,400. Over the past day, its price has corrected by 5.2% following a surge with a series of updates to its <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>. <\/p>\n<p>Earlier, Forbes conducted an investigation revealing that the Kingdom of Bhutan has become a &#8220;crypto Shangri-La&#8221; thanks to the government&#8217;s allocation of land, funding, and energy for bitcoin mining.<\/p>\n<p>In July 2023, Bitdeer completed the construction of the Gedu bitcoin mining facility in Bhutan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On November 14, the Royal Government of Bhutan moved approximately 367.26 BTC ($33.5 million) to a Binance deposit address, according to data from Arkham. Previously, on October 29, the &#8220;Dragon Kingdom&#8221; transferred around 935 BTC ($66.4 million at the time) to the largest cryptocurrency exchange. On July 1, Bhutan&#8217;s authorities moved 381 BTC ($24.1 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1676,18],"class_list":["post-18605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bhutan","tag-bitcoin"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18605"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18604"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}