The government of Bhutan, which possesses bitcoin (BTC) valued at over $900 million, transferred a substantial portion of its holdings to exchanges on Tuesday, Arkham Intelligence reported. This action has fueled speculation about a possible sale that could impact market prices.
According to Arkham data, Bhutan moved $65 million worth of BTC to the crypto exchange Binance late Tuesday. This transaction occurred as bitcoin approached an all-time high near $73,500. However, by mid-morning in London, the price had declined to approximately $72,400, based on CoinDesk Indices.
Earlier this year, Bhutan, a small but scenic nation in Southeast Asia, was revealed as a significant BTC holder — a “whale” in market terms — after Arkham identified its wallets. This made Bhutan only the second country, following El Salvador, to officially hold BTC reserves.
Bhutan’s bitcoin holdings, acquired through state-run Druk Holdings’ mining operations, represent close to a third of the country’s gross domestic product (GDP). These mining efforts are associated with Bitdeer Technologies Group (BTDR), which is expanding its operations in Bhutan and aims to reach a capacity of 600 megawatts by 2025.
This digital asset investment aligns with Druk’s broader strategy to diversify revenue streams. Recent transactions, including deposits and withdrawals on exchanges like Kraken, indicate significant wallet activity. The government department overseeing bitcoin movements did not respond to requests for comments on the latest transfers or any related plans before publication.
Meanwhile, Arkham has tracked frequent deposits and withdrawals from Druk wallets over recent weeks. These include regular transfers from Foundry, another mining entity, and other unidentified Bitcoin addresses.
Profit-taking Trends
Bhutan’s BTC movements are part of a broader pattern among large holders who are realizing profits as bitcoin’s price nears historic highs. According to CoinDesk research, some BTC holders are selling portions of their assets to secure gains, a trend that has slightly slowed bitcoin’s price rise.
Since October 17, profit-taking has remained steady, signaling a possible new record price is within reach. Although the peak in realized profits occurred on October 8 and has gradually decreased, it remains above the yearly average.
As of Tuesday, 99.7% of bitcoin’s circulating supply was profitable, with realized profits totaling $1.5 billion. Most of this profit has been claimed by larger entities, those holding 100 BTC or more, as per data from Glassnode.