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Blockchain analytics firm Arkham tracked a $34.5 million bitcoin transfer from Bhutan to Binance, with the Himalayan kingdom's monitored $BTC holdings dropping below 1,750 coins in the process.
The movement to one of the world's largest cryptocurrency exchanges places Bhutan's sovereign bitcoin position under renewed scrutiny.
A transfer of this scale to an exchange carries weight regardless of what follows in the order book.
What Arkham's Data Shows Arkham's on-chain attribution identified the outflow as originating from wallets linked to the Bhutanese government, with Binance — the exchange behind the $BNB token — as the receiving address.
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