Chiara Bianchi
The Royal Government of Bhutan has transferred 512.84 BTC—worth approximately $62.6 million—to a Binance deposit address over the past four days, according to blockchain analytics firm Arkham. The timing of these transfers coincides with Bitcoin’s recent climb to all-time highs, which has stirred speculation about possible profit-taking activity by the Himalayan nation.
Six Transactions in Four Days Signal Strategic Selling Pattern
Since last Thursday, Bhutan has initiated six separate BTC transfers to the same Binance wallet, with the most recent movement of 99 BTC occurring today around 2:10 a.m. ET. This comes just two weeks after a previous 137.245 BTC transfer at the end of June, and follows a notable $33 million deposit made in November 2023 as Bitcoin approached the $100,000 milestone.
Analysts suggest these repeated transfers during price peaks may indicate a pattern of selling during bullish market conditions.
Bhutan Still Holds Over $1.4 Billion in BTC
Despite the recent outflows, Bhutan still controls 11,411 BTC, valued at more than $1.4 billion. This figure represents over 40% of the nation’s total GDP, emphasizing just how significant crypto holdings have become in the country’s financial strategy.
The assets are managed by Druk Holding & Investments, Bhutan’s sovereign wealth fund, which has quietly built its BTC treasury through sustainable mining operations powered by the country’s abundant hydroelectric energy.
Bitcoin Tops $123K on Institutional Momentum
Bitcoin has reached a new all-time high, surging above $123,000 today as investors continue to flood the market, fueled by institutional inflows and expectations of favorable U.S. crypto legislation. At the time of writing, BTC is trading at $122,779, up 4% in the past 24 hours, according to PRIME’s price tracker.
