On Wednesday, the Royal Government of Bhutan, moved 533 Bitcoin to Binance crypto exchange. According to data from Arkham Intelligence, the total value of the BTC moved sits slightly above $34.5 million.
Is BTC not out of the woods yet?
As BTC continues to consolidate in the mid-$60,000 range, a fresh on-chain move has once again spooked the bulls. Bhutan’s wallet was seen moving 533 BTC to crypto trading platform Binance, in what many are dubbing as a potential indicator of market sell-off.
Notably, the Bitcoin was moved in several small batches. According to the following screenshot, the wallet is tagged as Druk Holding & Investments, named after the South Asian nation’s investment wing.
On-chain data shows that the largest transaction was worth approximately $14.7 million, for 227.194 BTC. Another transaction – worth $3.1 million – involved 48.228 BTC. There were also several smaller transactions, ranging from fractions of BTC to more than 2 BTC.
Wednesday’s BTC transfer is just the latest move by the Bhutanese regime where it has been found sending its digital asset holdings to a centralized exchange. To recall, on May 12, the Bhutan government had sent 100.44 BTC to an unnamed wallet address.
Shortly following the 533 BTC transfer, Bhutan’s current BTC holdings have now fallen to 1,749.96. For comparison, in October 2025, the country held 13,000 BTC. According to prevailing market prices, Bhutan’s total BTC stack is valued at more than $113.5 million.
Data from Bitcoin Treasuries shows that Bhutan is ranked 7th among nation states in terms of the amount of BTC held by them. The U.S. leads with 328,372 BTC, representing 1.56 percent of the digital asset’s total supply.
Is Bhutan missing the trick?
Bhutan’s decision to continually trim its Bitcoin holdings may come back to haunt them in the future, as several crypto analysts and traders forecast that the worst is probably over for BTC.
On Friday, Standard Chartered senior analyst remarked that $59,000 was BTC’s bottom for this cycle. On-chain activity shows that BTC whales scooped up more than 30,000 BTC over the past week, showing confidence in the cryptocurrency’s medium-term outlook.
The percentage of BTC long-term holders also reached a historic high of 79 percent on Tuesday, indicating the end of the bear market. That said, a lot still depends on the U.S. Federal Reserve’s decision pertaining to interest rate hikes.
