Transfer of Bitcoin from Bhutan Government Wallets Draws Attention
A series of Bitcoin transfers from wallets associated with the Bhutanese government has caught the attention of cryptocurrency observers. According to Arkham’s blockchain data, the address of Druk Holdings, the commercial arm of the Bhutanese government, transferred 419.5 Bitcoins to an unidentified address on April 2.
Government Wallets Shift Large Transactions to New Addresses
According to Arkham, a blockchain analytics platform, two separate wallets believed to belong to the Bhutanese government participated in the transfer. The primary Bitcoin-holding wallet sent 377.8 BTC (worth $32.1 million) to a new address identified only as “BC1QN6.” The second wallet, labeled “34oxlr,” contributed 41.7 BTC (valued at $3.5 million) to the same destination.
Source: Arkham
As of this report, the funds remain in the new wallet. The movement reportedly followed a larger transfer last week, when the government moved 1,664 BTC (approximately $144.57 million) to several different addresses.
Bhutan Maintains Significant Cryptocurrency Holdings
Despite recent sales, the Royal Government of Bhutan still possesses a substantial amount of Bitcoin. Based on Bitcoin treasury data, Bhutan holds 13,029 BTC, valued at $1,061,269,247. This ranks the nation fourth in Bitcoin holdings globally, trailing only El Salvador.
Source: Bitcoin Treasury
This landlocked Buddhist minority nation has emerged as an alternative contributor to the world of cryptocurrency. Reports indicate that Bhutan is mining Bitcoin by leveraging its abundant hydropower resources. The recent cryptocurrency holdings account for a significant portion of the total economy—31% of the Gross Domestic Product (GDP), estimated to be nearly $3 billion.
The current trading price of BTC is $82,122. Chart: TradingView
Market Reaction Following the News
The cryptocurrency market appears unaffected by Bhutan’s Bitcoin movements. According to price data, Bitcoin recovered from a low of $81,014 to reach $82,005 before slightly retreating. This represents a 2.5% rebound within a day.
The leading cryptocurrency traded at $82,401 at the time of reporting, showing an increase of nearly 1% over a 24-hour period. If this upward trend continues, Bitcoin could achieve its third consecutive positive daily close for the first time since early January.
Despite Bhutan’s ongoing sales of its Bitcoin to realize profits, the U.S. is seeking to halt the sale of all balances and even expand its holdings. Interestingly, U.S. President Donald Trump signed an executive order last month to establish a strategic Bitcoin reserve for the nation. Meanwhile, Senator Cynthia Lummis introduced the “Bitcoin Bill,” aiming to acquire 1 million BTC for the country.
Image from AD, chart by TradingView
