Bhutan Moves $59M in Bitcoin : Exchange Activity Suspected
Bhutan's Royal Government has transferred 517 BTC (≈ $59.2 million) to a new set of Bitcoin wallets today, according to on-chain data tracked by Arkham Intelligence. The movement split across multiple transactions over a few hours has sparked speculation that the funds may be headed to a crypto exchange, possibly Binance.
Transaction Breakdown
Blockchain records show the following:
- 317 BTC (~$36.4M) moved two hours ago
- 200 BTC (~$23M) moved shortly after
- Minor amounts followed in smaller test-like transactions
All transfers originated from addresses labeled under "Royal Government of Bhutan: Druk Holdings" the sovereign investment arm of the country.
Is Bhutan Selling Bitcoin?
The receiving addresses are unlabelled but exhibit behavior often associated with exchange deposits consolidation into new wallets in large chunks, then fragmentation into smaller amounts.
Binance is suspected due to:
- Wallet structure patterns
- Similar historic behavior in earlier Bhutan-linked movements
However, no official confirmation has been made regarding the destination.
Bhutan’s Bitcoin History
This isn’t Bhutan’s first brush with Bitcoin headlines. In 2023, Forbes reports revealed that the nation had been mining and holding BTC discreetly for years as part of its sovereign wealth strategy.
Druk Holdings had also reportedly interacted with Celsius and BlockFi, raising eyebrows during the crypto contagion.
What’s Next?
Whether this is a portfolio rebalance, an OTC deal, or a direct sell-off remains unclear. But if it hits Binance, market participants could see short-term price volatility depending on how the BTC is handled.
Bitcoin holdings by world governments: World Governments now holds 517,296 Bitcoins