Bhutan's Big Sell-Off: Can Whales Save Bitcoin from Bear Trap?

The Royal Government of Bhutan has made another significant move in the Bitcoin market by transferring an additional 300 BTC worth $19.28 million, adding to its recent selling spree.

This comes at a critical time for Bitcoin as it tries to break into the $65k-$70k range, a zone it hasn't been able to return to since losing it in late May.

However, despite this bearish signal from Bhutan, the overall trend is showing that whales are buying, with a staggering $2.64 billion worth of BTC purchased over the last two months, according to CryptoQuant data.

This development may indicate a bullish STH-to-LTH transition as Bitcoin moves from short-term holders to long-term ones, which could strengthen its technical credibility and provide a stronger base for the cryptocurrency.