Bhutan transferred millions worth of state-owned Bitcoin BTC/USD to Binance after a four-month hiatus, sparking speculations of profit-taking as the top cryptocurrency surged toward all-time highs.

What Happened: On Tuesday, on-chain analytics firm Arkham Intelligence disclosed that the Bhutanese government moved a sizable portion of its stash, up to 832.249 BTC, worth $60.16 million at the current market price, to the leading cryptocurrency exchange. The last time such a transaction occurred was in July, marking a four-month gap.

After the transfer, the associated wallet was still left with 12,467 BTCs, worth $902 million.