The Royal Government of Bhutan has transferred over 490 Bitcoin (BTC) to new wallets, sparking discussions among cryptocurrency market participants as the price of Bitcoin rallies above $75,000.
According to data from Onchain Lens, the government moved 490.87 BTC valued at nearly $32.74 million. The largest single transfer consisted of 485 BTC worth approximately $32.31 million. Arkham data indicates that the receiving wallet now holds over 2,018 BTC valued at $152 million, following transfers conducted over a period of two to three days. These movements have raised concerns regarding a potential selloff.
Previously, the Royal Government of Bhutan transferred 300 BTC valued at roughly $19.3 million to the same receiving wallet. Arkham data shows that Bhutan's BTC holdings in its primary wallet have decreased from approximately 13,000 BTC in October 2024 to 967 BTC.
The latest transfer coincides with a broader market rally that has seen Bitcoin gain nearly 20% over the week. Within a 24-hour window, Bitcoin recorded a low of $69,498 and a high of $76,916, while trading volume increased by 17%. Crypto analyst Ali Martinez noted that Bitcoin faces limited resistance ahead once it clears specific price thresholds. Additionally, Glassnode data indicated strong accumulation by high-conviction buyers, and total Bitcoin open interest across exchanges surpassed $56.93 billion for the first time since May.
