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Bhutan transferred 533 $BTC — worth $34.5 million — to the Binance exchange, according to blockchain analytics firm Arkham, pushing the Himalayan kingdom's state-linked wallet balance below a notable threshold to 1,749.96 $BTC.
The transfer is a traceable, on-chain event: coins moved from wallets Arkham attributes to Bhutan's government into Binance's deposit infrastructure.
Whether those coins were sold, staged for custody, or moved for another reason is not something the on-chain data alone can confirm.
What the Blockchain Actually Shows Blockchain analytics works by tagging wallet addresses — clusters of addresses believed to belong to a single entity — and then tracking when coins leave one cluster and arrive at another.
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