Bitcoin (BTC) seems to have unlocked the Uptober rally as BTC price is marching towards a fresh all-time high. After reaching the ATH of $73737.94 on March 14, 2024, Bitcoin is back above the $70000 milestone and looks unstoppable. Amid the renewed frenzy surrounding the Bitcoin price, an Asian country has found it the right time to do away with some of its Bitcoin stash at near-ATH levels.
After holding Bitcoins for more than five years, the South Asian country of Bhutan decided on Tuesday to sell a portion of its stash worth $66 million after its price topped $70000 during intraday trading. According to media reports, Bhutan still holds another $886 million worth of Bitcoin tokens. Experts believe that such massive selloffs might disrupt the Bitcoin Uptober rally and spark a selling spree in the crypto market.
A 5-Year Bitcoin Mining and Holding Spree Finally Pays Off
Bhutan’s government has been building up its Bitcoin stash by mining and holding BTC coins. After a five-year wait, the government quietly started selling its Bitcoin holdings to take advantage of the sharp increase in Bitcoin’s value.
According to Arkham Intelligence data, the Bhutan government-labeled wallet moved over $66 million worth of Bitcoins to the Binance deposit wallet. Crypto experts believe this is a clear indication that the South Asian country intends to sell its BTC coins on one of the world’s largest cryptocurrency exchanges. Arkham Intelligence further reported that the Bhutanese government transferred its Bitcoin stash in two transactions on October 29, 2024.
Bhutan Sells After Bitcoin Storms Past $70k Levels
Bitcoin price has surged remarkably over the past few days. On Monday and Tuesday, Bitcoin price stormed past $70,000 and hours later, it breached the $71,000 level. As crypto enthusiasts set their hopes high on the chances of Bitcoin claiming a new all-time high, the Bhutan government’s wallet started selling its Bitcoin stash. The first transaction was made as soon as Bitcoin surpassed $70,000. This is the first time since June 10, 2024, that Bitcoin price has crossed the $70,000 milestone.
Crypto enthusiasts fear whales joining the act initiated by the Bhutan government. If that’s the case, it could lead to a massive profit-taking spree, sparking a selling momentum.
It would be interesting to see if this is a one-off Bitcoin token movement by the Bhutan government, as it still holds Bitcoins worth approximately $886 million.
The Final Thoughts
Bitcoin is looking in good shape to retest its all-time high of $73737.94, which it achieved earlier this year. Crypto enthusiasts and experts hope Bitcoin will keep marching towards the $80000 level, which could unlock the next big milestone of $100000.
On the flip side, incidents like the Bhutan government’s selling spree could reverse the Uptober rally as the government still holds approximately $886 million Bitcoins. It could go even worse if top Bitcoin whales join the selling spree, as it could send BTC price back to below $60000 in the coming weeks.
Will Bitcoin continue its Uptober rally? Only time has the answer. For now, Bitcoin looks all set to continue its march towards breaching an all-time high in the coming days. All eyes are now on Bitcoin price movements as crypto analysts are busy making all kinds of Bitcoin price predictions at current levels of $71400. Will a new Bitcoin all-time high impact the value of leading altcoins, especially Ethereum and Solana? Ethereum has been progressing in a lukewarm fashion, but Solana is showing strong signs of sustainable growth as its price jumped past $180 earlier on Tuesday. Ethereum and Cardano have been moving in a narrow range, meaning a strong Bitcoin rally would strengthen them and other altcoins to spark a new rally in November 2024.
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