One single transfer moved 208.56 BTC—about $23.18 million—while others involved 100 BTC, 99 BTC, and smaller chunks. Those sales total $59.47 million, according to Lookonchain’s figures. It looks like the government timed its sales to match Bitcoin’s push into new highs.
Despite those outflows, Bhutan hasn’t given up on crypto. It still holds 11,411 BTC, valued at roughly $1.4 billion at current prices.
According to Arkham’s tracking dashboard, the country’s crypto treasury went from $1.29 billion last week to $1.37 billion by July 14—a jump of $73.33 million in just seven days.
Part of that gain came from a 12.4% intra‑week Bitcoin price rise, which saw the coin climb from $108,000 to $122,000.
News of this has stirred talk about how small changes in a big portfolio can still move the needle when markets run hot.
According to reports, Bhutan’s wallet holdings rose from $1.26 billion to $1.30 billion between July 3 and July 10—even after it transferred 213 BTC (worth close to $24 million) to Binance.
Those figures suggest the government is actively managing its crypto stash, trimming exposure when prices spike but letting gains pile up when markets rally.
Around that time, the US slapped new 30% tariffs on the EU and Mexico—moves that might have hurt risk assets in past cycles. Yet Bitcoin shrugged off the news and vaulted to $122,400 on Coinbase.
Featured image from Luxury Travel Magazine, chart from TradingView
