The Royal Government of Bhutan has begun transferring Bitcoin After months of wallet inactivity, funds moved to trading firms, exchanges and new addresses as Bitcoin fell below $71,000 and the broader market shook.
On-chain data tracked by Arkham shows that over the past 24 hours, more than 184 Bitcoins worth approximately $14 million have been transferred from wallets related to Bhutan.
According to Arkham, some of the Bitcoin was sent to new addresses, while other transfers went to known counterparties, including QCP Capital and Binance hot wallets.
These destinations are often related to trading, liquidity management or potential sales. CoinDesk contacted QCP Capital via Telegram for comment.
The event marks the first significant wallet movement in Bhutan in about three months and comes at a volatile time for the cryptocurrency market. Bitcoin fell more than 7% in 24 hours, silver plunged as much as 17%, and global stock markets fell amid concerns that spending on artificial intelligence is disrupting traditional software business models.
Bhutan has become one of the more unusual sovereign Bitcoin holders over the past two years, quietly amassing reserves through state-backed mining linked to hydropower.
Unlike corporate treasuries, which tout accumulation strategies, Bhutan’s holdings are largely managed out of the spotlight, leaving traders to keep a close eye on changes in wallet behavior.
The latest transfer does not confirm an outright sale. Tokens were dispersed to multiple destinations, including new wallets that may indicate internal restructuring or collateral management rather than immediate liquidation.
Still, sending Bitcoin to exchanges and trading firms during a sharp drop contrasts with the country’s prolonged inactivity.
The moves also echo a broader theme emerging from the sell-off: Big holders view Bitcoin less as a static reserve asset and more as a balance sheet tool during times of stress.
As liquidity tightens and price volatility accelerates, corporate treasuries, miners and now sovereign-related entities are adjusting their positions.
