The Royal Government of Bhutan has transferred a significant portion of its Bitcoin holdings to Binance, raising speculation about potential asset offloading during a high point in the market.
This is not the first such transaction from the Himalayan kingdom. Arkham data reveals that this latest transfer comes just one week after Bhutan deposited 136.99 BTC (valued at over $14 million) to the same exchange.
The frequency and timing of these transactions have drawn attention, particularly as they appear to coincide with Bitcoin’s price peaks. Notably, a similar deposit worth $33 million was made in November 2024 when Bitcoin was approaching the $100,000 mark.
These transactions continue a pattern of activity suggesting that the country may be using market rallies as opportunities to liquidate portions of its digital asset holdings.
As of now, Bhutan retains approximately 11,711 BTC, valued at over $1.2 billion, making up about 40% of its gross domestic product, according to Arkham data. Its only other notable cryptocurrency holding is 656 ETH (roughly $1.8 million), some of which was transferred to Binance in May.
Bhutan’s mining operations are believed to make use of its supply of hydroelectric energy, offering a relatively low-cost and environmentally sustainable means of acquiring Bitcoin.
Featured image created with DALL-E, Chart from TradingView
