Wallet data indicates the Royal Government of Bhutan has begun moving bitcoin to trading firms and exchanges for the first time in months, as crypto markets sell off and volatility ripples across digital assets and metals.
On-chain data tracked by Arkham shows Bhutan-linked wallets transferring more than 184 BTC — worth roughly $14 million — over the past 24 hours, ending a period of near-total inactivity. The movements coincided with bitcoin’s drop below $71,000 and a broader market downturn.
According to Arkham, some of the bitcoin was sent to newly created addresses, while other transfers went to known counterparties, including QCP Capital and a Binance hot wallet. Such destinations are typically associated with trading activity, liquidity management or potential sales. CoinDesk reached out to QCP Capital via Telegram for comment.
The transfers mark Bhutan’s first significant wallet activity in around three months and come at a turbulent moment for global markets. Bitcoin fell more than 7% over the past day, while silver tumbled as much as 17% and global equities declined amid concerns that heavy artificial intelligence spending is eroding traditional software business models.
Over the past two years, Bhutan has quietly emerged as one of the more unusual sovereign bitcoin holders, building its reserves through state-backed mining operations powered by hydropower. Unlike corporate treasuries that publicly promote accumulation strategies, Bhutan has managed its holdings largely out of public view, making any wallet movements closely scrutinized by traders.
The latest transfers do not confirm outright selling. Funds were distributed across multiple destinations, including fresh wallets that could point to internal reallocation, collateral positioning or operational reshuffling rather than immediate liquidation.
Still, moving bitcoin to exchanges and trading firms during a sharp market drawdown stands out against Bhutan’s otherwise prolonged periods of inactivity. The activity also reflects a broader pattern emerging during the selloff, with large holders increasingly treating bitcoin as a balance-sheet asset rather than a static reserve.
Corporate treasuries, miners and now sovereign-linked entities appear to be adjusting positions as liquidity conditions tighten and price volatility intensifies.
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