The Royal Government of Bhutan, one of the largest sovereign holders of Bitcoin, transferred nearly 1,000 BTC to Binance, potentially indicating profit-taking.
Bhutan still owns over AU $1 billion worth of Bitcoin despite the transfer.
The motives behind Bhutan's deposit are unclear, but it could be a sign of selling a portion of their holdings.
Bhutan, with its significant source of renewable energy, has mined Bitcoin themselves, suggesting a bullish stance.