On-chain data suggests the Royal Government of Bhutan has resumed bitcoin transfers after months of dormancy, moving funds to trading firms and exchanges as market volatility surges across crypto and traditional assets.
Wallet activity tracked by Arkham shows Bhutan-linked addresses transferring more than 184 BTC — valued at about $14 million — in the past 24 hours. The movements coincided with bitcoin slipping below the $71,000 level amid a broader market selloff.
Arkham data indicates that some of the bitcoin was routed to newly created wallets, while other portions were sent to established counterparties, including QCP Capital and a Binance hot wallet. Such destinations are commonly linked to trading, liquidity management or potential sales. CoinDesk contacted QCP Capital via Telegram for comment.
The transactions represent Bhutan’s first notable wallet activity in roughly three months and arrive during a period of heightened turbulence. Bitcoin fell more than 7% over the past day, while silver dropped as much as 17% and global equities weakened amid fears that aggressive artificial intelligence investment is pressuring traditional software business models.
Bhutan has quietly built a reputation over the past two years as a distinctive sovereign holder of bitcoin, accumulating coins through state-backed mining operations powered by hydropower. Unlike corporate treasuries that openly advertise their bitcoin strategies, Bhutan’s approach has largely remained out of the public eye, making shifts in wallet behavior closely watched by market participants.
The transfers do not necessarily signal immediate selling. The bitcoin was dispersed across multiple destinations, including new addresses that may indicate internal rebalancing or collateral management rather than outright liquidation.
Even so, the decision to move funds to exchanges and trading firms during a sharp market downturn contrasts with Bhutan’s long stretches of inactivity. The activity also mirrors a broader trend in the current selloff, as large holders increasingly deploy bitcoin as a balance-sheet asset during periods of market stress.
Corporations, miners and now sovereign-linked entities appear to be adjusting positions as liquidity tightens and price swings accelerate.
