Bhutan government transfers $32.7 million in Bitcoin to new wallets

The Royal Government of Bhutan has transferred 490.87 Bitcoin (BTC), valued at approximately $32.74 million, to new wallets. The largest single transaction within this movement consisted of 485 BTC, worth roughly $32.31 million.

Blockchain analysis from Onchain Lens and Arkham indicates these transfers occurred amid a recent rally in Bitcoin's price, which has moved above $75,000. While the movement of funds to new addresses has sparked speculation regarding a potential selloff, it remains unclear whether the government is liquidating its holdings or simply managing its state reserves by moving them to different wallets.

Data from Arkham shows that the government's BTC holdings in its primary wallet have decreased from approximately 13,000 BTC in October 2024 to 967 BTC currently. This follows a similar transfer on August 18, where 300 BTC were moved to a new wallet.