Bhutan government deposits $34.5M in BTC to Binance

An address linked to the Bhutanese government deposited 533.2 BTC, worth $34.52 million, to Binance about 15 minutes ago, according to EmberCN. Such deposits to exchanges are typically interpreted as a precursor to selling. EmberCN estimates that the Bhutanese government has sold a total of 10,451 BTC since June of last year, cashing out approximately $979 million at an average price of $93,738. The government's current holdings are now 1,750 BTC, valued at $113 million.