The Royal Government of Bhutan has started moving bitcoin after months of wallet inactivity, shifting funds to trading firms, exchanges and new addresses as bitcoin slid below $71,000 and broader markets convulsed.
Onchain data tracked by Arkham shows Bhutan-linked wallets transferring more than 184 BTC, worth around $14 million, over the past 24 hours.
Some of the bitcoins were sent to new addresses, while other transfers flowed to known counterparties, including QCP Capital and a Binance hot wallet, according to Arkham.
These destinations are typically associated with trading, cash management or potential sales. CoinDesk reached out to 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 on fears that spending on artificial intelligence is undermining traditional software business models.
Bhutan has emerged over the past two years as one of the more unusual sovereign bitcoin holders, quietly building a stash through state-backed mining linked to hydropower.
Unlike corporate government bonds that trumpet accumulation strategies, Bhutan’s holdings have largely been managed out of the limelight, making changes in wallet behavior closely watched by traders.
Recent transfers do not confirm direct sales. Coins were split into multiple destinations, including new wallets that could indicate internal reallocation or collateral rather than immediate liquidation.
Still, sending bitcoin to exchanges and trading firms during a sharp downturn contrasts with the country’s otherwise long periods of inactivity.
The moves also reflect a broader theme emerging in this selloff: large owners are treating bitcoin less as a static reserve asset and more as a balancing tool under stress.
Financial firms, miners and now government-linked entities are adjusting positions as liquidity tightens and price swings accelerate.
