Bhutan Moves $74M in Bitcoin to Binance as BTC Hits $120K

The Royal Government of Bhutan moved 99.47 Bitcoin (BTC) worth $12.05 million at the time to crypto exchange Binance through its investment arm, Druk Holding.

Blockchain analytics platform Onchain Lens flagged this most recent transaction on Monday. It brings the Bhutanese government’s total transfers over the last two weeks to 650 Bitcoin, worth $74.24 million.

With the markets turning bullish, these moves may indicate that Bhutan’s government is cashing in on its BTC investments.