The Royal Government of Bhutan has transferred 175 BTC, according to Arkham. The transaction had a value of nearly $11.85 million as Bitcoin traded above $69,000. The move came from one of the government’s primary holding wallets, which has been active since the start of the year.
This was Bhutan’s first transfer since last month, when the government moved about $6.8 million in Bitcoin. With the latest sale, total Bitcoin outflows for the year reached more than $42 million. Arkham stated that “Bhutan periodically sells portions of its Bitcoin in clips of $5 million to $10 million,” which matches the pace seen across recent months.
Last year, the government carried out much larger transfers. In July, it moved more than $60 million in several days. Holdings were reduced from more than 11,000 BTC as Bitcoin prices later shifted from last year’s highs.
Bhutan’s Bitcoin Holdings and Management
Bhutan’s current Bitcoin holdings stand near 5,400 BTC. These reserves are valued around $372 million to $374 million, depending on the market price. Druk Holding & Investments manages the assets. The fund oversees several national enterprises and acts as the principal financial arm of the state.
Bhutan gathered much of its position through mining powered by hydroelectric energy. This allowed the country to build digital reserves with renewable resources. Mining continues to support the national treasury while transfers help manage liquidity needs.
Bhutan remains among the largest sovereign holders of Bitcoin. It currently ranks seventh based on publicly viewed wallets.
Bitcoin traded near $68,500 during Bhutan’s transfer. Markets saw fresh movement after a comment from former U.S. President Donald Trump regarding conflict developments in Iran. He said, “War is very much complete in Iran,” which drew quick responses across commodities and crypto markets. Oil prices fell soon after his statement, while Bitcoin moved higher.
Analyst Michaël van de Poppe noted the change in market tone. He said that Bitcoin moving back above $71,000 showed early progress as higher lows continued to form.
Source: X
Concurrently, according to Glassnode data, the trading activity in the spot market remained softer, yet several indicators suggested a more stable environment. As per analysts at Glassnode, the futures open interest increased as some traders added leverage.
In addition, the funding rates have turned sharply negative, which points to stronger demand for short positions. Moreover, the BTC perpetual contract flows showed rising buy-side activity, which is a precursor of a bullish recovery towards $70,000.
Source: https://coinpaper.com/15302/royal-government-of-bhutan-moves-175-btc-as-bitcoin-price-reclaims-71-000
