Bhutan Government Withdraws $33.4M in Bitcoin from Binance

An address linked to the Bhutan government has withdrawn $33.4 million in Bitcoin from Binance, according to data from blockchain tracking firm Onchain Lens.

The withdrawal occurred on June 19, 2024, just two days after a deposit of an identical amount of Bitcoin was made to the exchange from a suspected Bhutanese government-linked address.

Onchain Lens flagged the address as potentially belonging to Druk Holding and Investments (DHI), Bhutan's sovereign wealth fund, which has been known to hold and trade digital assets as part of the country's economic diversification strategy.

The rapid reversal suggests a tactical repositioning rather than a liquidation event, with market observers interpreting large withdrawals from exchanges as a move toward long-term holding, or 'HODLing.'