Bhutan government transfers 300 Bitcoin to new wallet

The Royal Government of Bhutan has transferred 300 Bitcoin (BTC), valued at approximately $19.3 million, to a newly created wallet. While the movement has sparked speculation regarding a potential selloff, the transfer to a new address does not provide definitive evidence of a sale; such movements are often conducted for custody, security, or internal management purposes.

This activity follows previous government-linked transactions in early July, during which more than $43 million in Bitcoin was sold. The transfer occurs as Bitcoin trades near the $64,700 level, testing a significant resistance zone between $63,000 and $65,000.

Market analysts are monitoring these large-scale movements alongside other technical indicators. VanEck has noted signs that Bitcoin may be approaching an accumulation phase, while other data suggests potential selling pressure from miners booking profits and historical on-chain levels.