Bhutan likely starts selling Bitcoins amid new ATH
Bhutan moves $23.7 million in Bitcoin to Binance amid BTC price surge
The Royal Government of Bhutan has moved 213.5 BTC worth $23.73 million to Binance, marking its second major Bitcoin transfer in two weeks.
The transaction, conducted via its sovereign investment arm Druk Holding and Investments (DHI), coincided with Bitcoin’s breakout above $112,000, its highest price level to date, reports Cryptopolitan.
According to blockchain analytics platform Arkham Intelligence, this timing suggests Bhutan may be capitalizing on the price spike to realize profits. Bitcoin had spent seven weeks trading in a tight range between $105,000 and $111,000 before this decisive move. CoinGecko reports over $60 billion in daily global BTC trading volume, adding to the momentum.
Despite the transfer, Bhutan’s total Bitcoin holdings remained unchanged at approximately 11,930 BTC, indicating that the sent coins may have been replenished from internal wallets or mining operations. Since 2023, Bhutan has operated a 600-megawatt mining facility in Gedu through a joint venture with Singapore-based Bitdeer. The government’s overall crypto portfolio rose from $1.26 billion to $1.304 billion in one week, driven largely by favorable market conditions across major assets.
Ethereum and altcoins bolster Bhutan’s crypto portfolio growth
In addition to Bitcoin, Bhutan’s Ethereum (ETH) holdings appreciated without any net additions. The nation holds 656 ETH, which increased in value from $1.58 million to $1.71 million as Ethereum’s price surged from $2,405 to $2,791.53 during the past week. The gains were purely price-driven, signaling a buy-and-hold strategy with no current liquidation activity around ETH.
Smaller holdings such as AIKEK, KIBSHI, and memecoin BOBO also posted modest gains, contributing marginally to the portfolio. While these tokens make up only a tiny fraction of the total valuation, their positive movement highlights Bhutan’s diversified approach beyond blue-chip assets. The government’s active mining and accumulation strategy suggests a long-term belief in crypto’s role as part of sovereign financial reserves.
Rising exchange flows signal profit-taking trend among whales
Bhutan’s recent transfer is part of a broader trend of old wallets moving BTC to exchanges, potentially signaling widespread profit realization. On-chain analytics firm CryptoQuant reported that wallets dormant for seven to ten years have resumed activity. Last week, two wallets from the Satoshi era moved 20,000 BTC (worth $2.18 billion) to exchanges—coins untouched for 14 years. Analysts view this as a classic sign of whales cashing in at cyclical peaks.
Meanwhile, Binance’s derivatives market shows increased short liquidations and leveraged long positions, amplifying upward pressure on Bitcoin. Net Taker Volume crossed the $100 million threshold on a seven-hour moving average, while Binance’s perpetual futures funding rate spiked to +0.01%, the highest since June. These metrics indicate bullish momentum driven by forced buying activity and speculative demand for long exposure, helping explain Bitcoin’s recent surge past $112,000. Bhutan’s activity suggests even sovereign players are taking profits, possibly ahead of short-term volatility.
Recently we wrote that Australia has officially launched the second phase of its digital currency pilot, Project Acacia, a wide-ranging initiative led by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC).
