The Royal Government of Bhutan has started moving bitcoins after months of wallets sitting idle, moving funds to trading companies, exchanges and new addresses as bitcoin fell below $71,000 and broader markets convulsed.
On-chain data tracked by Arkham shows that wallets linked to Bhutan transferred more than 184 BTC, worth approximately $14 million, in the last 24 hours.
According to Arkham, some of the bitcoins were sent to new addresses, while other transfers flowed to known counterparties, including QCP Capital and a Binance hot wallet.
These destinations are usually associated with commercial operations, liquidity management or potential sales. CoinDesk contacted QCP Capital via Telegram for comment.
The activity marks Bhutan’s first notable wallet movement in about three months and comes at a volatile time for crypto markets. Bitcoin has fallen more than 7% in 24 hours, while silver plunged as much as 17% and global stocks fell amid fears that spending on artificial intelligence is undermining traditional software business models.
Bhutan has over the past two years become one of the most unusual sovereign bitcoin holders, quietly building a stash through state-backed mining linked to hydropower.
Unlike corporate treasuries that tout accumulation strategies, Bhutan’s holdings have largely been managed out of the spotlight, prompting changes in wallet behavior that traders are closely monitoring.
The latest transfers do not confirm the direct sale. The coins were split into multiple destinations, including new wallets that could indicate internal reorganization or collateral management rather than immediate liquidation.
Still, sending bitcoin to exchanges and trading companies during a sharp decline contrasts with the country’s long periods of inactivity.
The moves also reflect a broader theme emerging in this sell-off: large holders treating Bitcoin less as a static reserve asset and more as a balancing tool during times of stress.
Corporate treasuries, miners and now sovereign debt-linked entities are adjusting their positions as liquidity shrinks and price swings accelerate.
