The Royal Government of Bhutan has as soon as once more moved a big batch of Bitcoin, sparking discuss throughout the crypto market.
Nearly 800 BTC, valued at about $92 million, was shifted on August 18, 2025, into two new wallets. The transfer added to a collection of transactions made earlier this month and has fueled hypothesis about whether or not the Himalayan kingdom is making ready to promote.
Third Transaction This Month
This is not the primary time Bhutan has drawn consideration in August. On August 5, the federal government transferred 517 BTC to an unknown handle.
Just two days later, on August 7, one other batch was tracked to a Cobo Hot Wallet at a median worth of $116,557.
The Royal Government of Bhutan has transferred 799.69 $BTC, price $92.06M, into 2 new wallets, possible for deposit right into a CEX (#Binance).https://t.co/q4dW3qJBT5 pic.twitter.com/bRvm3o90UI
— Onchain Lens (@OnchainLens) August 18, 2025
Reports confirmed that these cash had been headed on the market, with Cobo performing as custodian of Bhutan’s Bitcoin holdings.
In its newest replace, blockchain analytics agency Arkham confirmed the 799.69 BTC transfer and highlighted that this was the third main transaction from Bhutan this month.
Bitcoin’s Price Pressure
The timing comes as Bitcoin struggles to carry onto latest highs. The token reached a file $124,500 on August 14, 2025, earlier than sliding again to $115,300.
Data exhibits it was down 2.30% in 24 hours and almost 5% over the week. Platforms like Onchain Lens steered that Bhutan’s most up-to-date switch could also be linked to Binance, although no official phrase has come from Bhutanese authorities.
Market watchers say such transfers usually trace at a doable sale, however they may also be a part of pockets restructuring or custody modifications.
BTCUSD buying and selling at $115,489 on the 24-hour chart: TradingView
Bhutan’s Place Among Top Holders
Even with these actions, Bhutan stays one of many largest nation-state holders of Bitcoin. Current estimates put its reserves at round 9,969 BTC, price about $1.15 billion.
That type of determine makes Bhutan the sixth-largest holder worldwide, behind the US with 198,000 BTC, China with 190,000 BTC, the UK with 61,240 BTC, Ukraine with 46,350 BTC, and North Korea with 13,560 BTC.
Unlike different nations that constructed their stacks principally from seizures, Bhutan’s holdings hint again to mining.
For now, the repeated transfers go away the market guessing. Some merchants see it as an indication of profit-taking after Bitcoin’s newest peak.
Others say it might simply be about custody changes. Without affirmation from Bhutan, the rationale behind the strikes stays unsure.
Featured picture from Meta, chart from TradingView
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