The Royal Government of Bhutan has made significant Bitcoin transfers, moving 751.309 BTC worth approximately $74 million into two separate wallets. The reason for these transactions remains unknown, but Bhutan still holds 11,145 BTC, valued at about $1.1 billion.
Breakdown of Transfers of the BTC
According to Arkham data, Bhutan’s Bitcoin transfers were executed as follows:
- First transfer: 377.777 BTC ($37.87 million) to an unidentified wallet labeled “32BRLG5…ZJ9fhkE”.
- Second transfer: 373.532 BTC ($36 million) to another wallet tagged “bc1q8fdn…rqf9euxk”.
Bhutan’s History of Crypto Transactions
This is not the first time Bhutan has moved large amounts of cryptocurrency. Some of its past transactions include:
- Last week: 495 ETH was transferred to a BitGo wallet when ETH was trading at $3,200, shortly before falling to $3,040.
- December 2024: 406 BTC (~$40 million) was sent to QCP Capital.
- October 2024: $66.5 million worth of Bitcoin was moved to Binance, just after Bitcoin surged past $70,000.
What Does This Mean for the Market?
Large Bitcoin transactions by governments or institutions often lead to speculation about market movements. Bhutan’s recent transactions could indicate:
- A possible sell-off of assets.
- A reallocation of Bitcoin holdings.
- An effort to secure funds in different wallets.
Bhutan’s Crypto Strategy
Bhutan has been involved in Bitcoin mining and accumulation for years. The country leverages its hydroelectric power to generate revenue and has quietly built a substantial crypto reserve. While the purpose of these transfers remains unclear, Bhutan’s continued involvement in Bitcoin highlights its commitment to digital assets.
With Bhutan still holding over $1.1 billion in BTC, its next moves will be closely watched by the crypto community.
