Bhutan sells 22.4 million dollars worth of Bitcoin: A smart profit-taking move by a nation?
You see, Bhutan transferring 22.4 million USD of Bitcoin to exchanges is actually just a part of their regular financial plan. That's the story; this country has quietly mined coins since 2019 and earned a gigantic profit of over 765 million USD. Their selling in small batches of about 50 million USD is merely a way to realize profits and cover operational costs.
Even though the price of Bitcoin sometimes hits the lowest point in a year, the current market structure is vastly different from 2018 or 2022. The involvement of major financial institutions and ETF funds keeps demand consistently present. Indicators like spot trading volume exceeding 8 billion USD and the extreme negative funding rate are often signs of a strong reversal. We should not worry too much about selling pressure from Bhutan, as this is "old news" in a new cycle full of potential. Be patient, as the bottom might be right beneath our feet! $BTC
