Bhutan’s Govt-Linked Wallet Transfers 929 BTC to Binance Amid Bitcoin Price Surge

The Royal Government of Bhutan has made a significant move by depositing 929 BTC into crypto exchange Binance.

The activity was flagged shortly after BTC climbed above $70,000 for the first time since June 10.Bitcoin Transfer to Binance

In its latest tweet, Lookonchain cited data from Arkham Intelligence, which revealed that the Bhutan government-linked wallet transferred the stash worth approximately $66.16 million through two transactions on October 29.

Currently, Bhutan holds 12,456 BTC which is nearly $891 million. The motives behind the transfer remain unclear but deposits to crypto exchanges are usually associated with plans to sell the assets, especially since this move comes at a time after bitcoin surged by over 5% in the past day, climbing above $71,700. BTC went even further in the following hours, bytopping$73,000 for the first time since the ATH period in March.

Interestingly, this is the first time Bhutan has sent bitcoin to a crypto exchange since it deposited 381 BTC to Kraken in July. Additionally, nearly ten days ago, the country-linked wallet transferred 228.8 ETH, worth around $600,000, to a Binance hot wallet, leaving $1.72 million in Ether as its only other significant cryptocurrency holding.Bhutan’s Bitcoin Reserves

Unlike many countries that obtain bitcoin through criminal seizures, Bhutan has been activelyminingthe cryptocurrency since 2017, when it was worth around $5,000, according to certain reports. The landlocked country situated in the Eastern Himalayas has been utilizing abundant hydroelectric resources for sustainable mining practices.

The Bhutanese government also partnered with the Nasdaq-listed mining company Bitdeer in May 2023 to develop a 100% carbon-free bitcoin mining operation in the country.

As a result of these efforts, Bhutan is now the fifth-largest known nation-state holder of BTC, trailing only the United States, China, the UK, and Ukraine, as per data compiled by Bitcoin Treasuries. The assets are held by Bhutan’s state investment arm, Druk Holding & Investments.

Bhutan also ventured into bitcoin mining as a new revenue stream in response to plummeting tourism revenues driven by the COVID-19 pandemic. According to a local media ‘The Bhutanese,’ the funds generated from bitcoin mining helped finance a 50% salary increase for some government officials.

In a new report that, in part, reviews the impact of digital assets, the U.S. Treasury said, "growth in stablecoins has resulted in a modest increase in demand for short-dated Treasuries."

The U.S. Treasury's 132-page report, released Wednesday and crafted for the Treasury Borrowing Advisory Committee, dedicated a short section to digital assets. The department of the federal government examined prominent digital assets like Bitcoin and stablecoins.

"Digital assets have witnessed rapid growth albeit from a small base. Growth has come both from native crypto coins like Bitcoin and Ethereum, as well as stablecoins," the department said. "Digital asset market cap remains low relative to other financial and real assets, and growth thus far does not seem to have cannibalized demand for Treasuries."

Tether, the provider of the world's largest stablecoin by market cap USDT, says it buys Treasuries with a significant amount of the capital it holds to back its token. CEO Paolo Ardoino has said Tether has more Treasury bills "compared to" the United Arab Emirates, Australia and Spain.

Holders of U.S. Treasuries: Stablecoins vs. top foreign holders. Image: Bitwise.

$120 billion of stablecoin collateral invested in T-bills

The U.S. Treasury said it estimates that $120 billion of stablecoin collateral has been invested in Treasuries, with Tether holding onto $81 billion worth of T-bills. The total stablecoin market is currently worth more than $177 billion, according to The Block Data Dashboard.

"Stablecoins play an integral role intermediating transactions in digital asset markets, [with] over 80% of all crypto transactions now use a stablecoin as one leg of the transaction," the Treasury said, citing The Block data.

The Treasury also weighed in on the future of stablecoins, saying that while it expects continued growth, stablecoins could encounter headwinds.

"Medium-term regulatory and policy choices will determine the fate of this 'private currency,'" the report said. "History shows that 'private currency' that does not meet [no questions asked] requirements leads to financial instability and as such is highly undesirable."

In the section where the Treasury reviewed Bitcoin, the department also said that broadly speaking, "structural demand for Treasuries may increase as the digital asset market cap grows, both as a hedge against downside price volatility and as an 'on-chain' safe-haven asset."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ethereum (ETH) is showing strength, finding support at a critical level around $2,400 and pushing to local highs near $2,800. Top analyst Ali Martinez shared a technical analysis highlighting Ethereum’s potential to break out. Holding this key level suggests ETH could be on the verge of a significant rally.

Martinez’s analysis points to a large trading channel with an upper boundary of around $6,000, indicating a substantial upside if ETH continues to gain momentum.

As the crypto market broadly trends toward new highs, Ethereum’s performance has lagged behind some altcoins. A strong push past $2,700 could build the momentum for Ethereum to attract renewed interest, particularly from institutional and long-term investors.

Investors are watching to see if it can finally catch up to the broader market’s gains. Should Ethereum hold its ground and continue upwards, the anticipated surge could solidify its position as a leading asset in the next major crypto rally.

Ethereum Accumulation About To End

Ethereum has been consolidating since early August. Some analysts see this as a strategic accumulation phase by long-term investors before a potential breakout. Ali Martinez highlights this view in his technical analysis on X, sharing a chart showing Ethereum trading within a channel.

According to Martinez, this ongoing consolidation around $2,400 suggests a buildup phase, positioning ETH for a powerful surge if it breaks out of its current range.

Martinez points to the critical $2,400 support level as a foundation to propel Ethereum toward the channel’s upper boundary at around $6,000. Such a move, however, would require ETH to first breach the $2,800 level, confirming a shift out of its consolidation phase.

If Ethereum’s price closes above this level, the breakout would mark a reversal and signal a new upward trend.

This potential rally aligns with broader market trends, as other altcoins and Bitcoin are pushing toward new highs. Analysts believe this could create a domino effect, drawing capital into ETH as investors look for high-upside assets with established use cases and network activity.

If Ethereum can hold above $2,800 and build momentum, the move could validate Martinez’s $6,000 target. Investors are watching as a breakout could signal a phase of exponential growth for the second-largest cryptocurrency by market cap.

ETH Testing Critical Supply level

Ethereum (ETH) is trading at $2,680, just 3.5% away from its 200-day exponential moving average (EMA) at $2,776. This EMA level acts as a significant resistance point, and for bulls to take control, ETH must break above it and then hold this level as support to confirm an uptrend.

A push above the $2,820 supply level would further solidify bullish momentum and set the stage for a potential breakout.

However, ETH might spend several days trading below these crucial levels before a decisive move unfolds. Market conditions could favor a period of consolidation, allowing ETH to gather more strength and push higher.

A retrace is likely if ETH fails to hold prices above the 200-day EMA and the $2,820 supply zone. In this scenario, ETH would potentially seek support around lower demand levels, notably near $2,500, where it could stabilize.

If ETH holds this support, consolidation within a range could continue. Investors and traders closely watch these levels to gauge ETH’s next direction in this critical phase.

Featured image from Dall-E, chart from TradingView

Ethereum (ETH) is showing strength, finding support at a critical level around $2,400 and pushing to local highs near $2,800. Top analyst Ali Martinez shared a technical analysis highlighting Ethereum’s potential to break out. Holding this key level suggests ETH could be on the verge of a significant rally.

Martinez’s analysis points to a large trading channel with an upper boundary of around $6,000, indicating a substantial upside if ETH continues to gain momentum.

As the crypto market broadly trends toward new highs, Ethereum’s performance has lagged behind some altcoins. A strong push past $2,700 could build the momentum for Ethereum to attract renewed interest, particularly from institutional and long-term investors.

Investors are watching to see if it can finally catch up to the broader market’s gains. Should Ethereum hold its ground and continue upwards, the anticipated surge could solidify its position as a leading asset in the next major crypto rally.

Ethereum Accumulation About To End

Ethereum has been consolidating since early August. Some analysts see this as a strategic accumulation phase by long-term investors before a potential breakout. Ali Martinez highlights this view in his technical analysis on X, sharing a chart showing Ethereum trading within a channel.

According to Martinez, this ongoing consolidation around $2,400 suggests a buildup phase, positioning ETH for a powerful surge if it breaks out of its current range.

Martinez points to the critical $2,400 support level as a foundation to propel Ethereum toward the channel’s upper boundary at around $6,000. Such a move, however, would require ETH to first breach the $2,800 level, confirming a shift out of its consolidation phase.

If Ethereum’s price closes above this level, the breakout would mark a reversal and signal a new upward trend.

This potential rally aligns with broader market trends, as other altcoins and Bitcoin are pushing toward new highs. Analysts believe this could create a domino effect, drawing capital into ETH as investors look for high-upside assets with established use cases and network activity.

If Ethereum can hold above $2,800 and build momentum, the move could validate Martinez’s $6,000 target. Investors are watching as a breakout could signal a phase of exponential growth for the second-largest cryptocurrency by market cap.

ETH Testing Critical Supply level

Ethereum (ETH) is trading at $2,680, just 3.5% away from its 200-day exponential moving average (EMA) at $2,776. This EMA level acts as a significant resistance point, and for bulls to take control, ETH must break above it and then hold this level as support to confirm an uptrend.

A push above the $2,820 supply level would further solidify bullish momentum and set the stage for a potential breakout.

However, ETH might spend several days trading below these crucial levels before a decisive move unfolds. Market conditions could favor a period of consolidation, allowing ETH to gather more strength and push higher.

A retrace is likely if ETH fails to hold prices above the 200-day EMA and the $2,820 supply zone. In this scenario, ETH would potentially seek support around lower demand levels, notably near $2,500, where it could stabilize.

If ETH holds this support, consolidation within a range could continue. Investors and traders closely watch these levels to gauge ETH’s next direction in this critical phase.

Featured image from Dall-E, chart from TradingView

OpenEden, the real-world asset firm co-founded by Eugene Ng, has terminated his employment following accusations made on social media by a woman in Hong Kong.

“Following our statement yesterday, we have formally terminated the employment of the individual involved with OpenEden,” the company wrote on Thursday in a statement that does not name Ng by name. “We reiterate that the individual in question no longer represents us.”

Early on Tuesday, X user Hana posted several messages and photos that she claimed to show she was drugged during a meeting at a bar with someone she identified as a DFW Labs executive.

The Block was first to report that both DFW and OpenEden suspended the executive following the allegations. Ng was a founding partner at DFW and co-founded OpenEden with Jeremy Ng, who remains CEO.

“OpenEden takes these allegations seriously, and does not condone the personal actions of this individual,” the company said Thursday.

Ng’s social media accounts, including X and LinkedIn, were taken down following the accusations. Ng was Gemini's former head of business development in Asia and has invested widely across the industry.

“Hana’s post sparked discussions among crypto industry participants about women’s safety in the predominantly male industry, where concerns about emotional and sexual abuse have been raised previously.

The Block has reached out to OpenEden and Ng for comment.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Chainlink has launched a significant architectural upgrade, known as the Chainlink Runtime Environment (CRE). The upgrade will potentially improve financial-grade dApps and streamline integration across blockchain networks.

CRE centers on Decentralized Oracle Networks (DON), a key component that powers code execution, orchestrates functions and enables communication between different Oracle networks.

New Upgrade Will Improve Chainlink’s Scalability

The new modular framework allows developers to efficiently integrate various tools, expanding the Chainlink network’s scale and supporting connectivity across different blockchains.

Previously, the network offered only prepackaged services, limiting developers’ options for building novel products. With the CRE’s modular setup, developers can now handle multiple workflows simultaneously, saving time on both development and maintenance.

The upgraded platform’s design allows developers to harness all of Chainlink’s capabilities, creating apps that interact across multiple chains, offchain resources, and products, without constraint.

Following the announcement, LINK, saw a 5% price increase. Recently, LINK has struggled to stay above $12, attempting to regain ground after losses in July. Investor sentiment, however, remains optimistic, signaling potential for growth.

The upgrade coincides with recent adoptions by major platforms. GMX-Solana integrated Chainlink’s Data Streams for pricing and liquidations, while the network’s Cross-Chain Interoperability Protocol (CCIP) enabled cross-chain staking on Lido.

This integration has increased accessibility to staked Ethereum on Layer-2 networks.

Despite these developments, altcoin faces tough competition in the Oracle space. Pyth Network surpassed Chainlink in transaction volume over the past month, despite having a lower total value secured (TVS).

Pyth’s pull-based Oracle model, which provides data only upon request, is optimized for high-frequency scenarios, such as trading, where real-time data is essential. This contrasts with Chainlink’s push-based model, which delivers regular updates.