Bhutan moved $13 million BTC into a new wallet.
The nation sold BTC twice in the previous two months
Could the country be preparing to sell Bitcoin again?
The crypto market is far from any signs of a strong recovery following the $20 billion liquidation event. Since then, analysts have been debating over bullish and bearish expectations for what kind of price action to look out for. At the moment, the market looks bleak, especially as Bhutan moved $13 million BTC into a new wallet. Could the country be preparing to sell Bitcoin again?
Bhutan Moved $13 Million BTC Into a New Wallet
Earlier this month, the crypto market faced what is now remembered as the most brutal and largest single-day market liquidation in crypto history. In one fell swoop, the crypto market saw $20 billion wiped out, clearing out all leverage and long trades, including $3 billion in short positions. During this time, the price of BTC fell from $121,000 to $104,000 within an hour, leading to falling prices across the financial markets
This dump came soon after BTC set its latest ATH price in the $126,000 price range, leading to immense crushing of bullish sentiments across the board. So horrific was the wipeout that analysts believed that textbook market manipulation was in play. Then, with the market having reset itself, analysts began to look forward to new bullish surges, instead, what has taken over are strong bearish expectations
Presently, despite the many bullish indicators across multiple factors, it seems that all funds are flowing towards gold and silver. At the moment, the price of gold has hit monumentally high ATH prices, with new prices set to arrive in the days and weeks ahead. This would mean that funds are flowing into low-risk assets at the moment, and high-risk assets like BTC could only see funds flow to them much later
Could the Country Be Preparing to Sell Bitcoin Again
Most BTC holders are torn between what to do and how best to hedge risks. Is it a good move to sell when still in profit or hold a share to ensure no pump will be missed out on? Reputed analysts share their bear and bull positions and hope to see their analyses play out over the next few days. Meanwhile, some entities, like Bhutan, are preparing to sell in a worst-case scenario
As we can see in the post above, Bhutan has just moved $13 million BTC into a new wallet using a different wallet structure. The last 2 times Bhutan likely sold BTC, they moved $109 million BTC (in September) and $59 million BTC (in August) to separate addresses before transferring it to Cobo/Binance. Are they getting ready to sell this time as well? If so, how will this big sell off impact the market?
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