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Bhutan Possibly Readies $15M Bitcoin Sale as Holdings Near $1.3B
State-run wallets remain active while investors weigh potential sell pressure amid bitcoin price consolidation.
Jun 30, 2025, 2:18 p.m.
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What to know:
- The Royal Government of Bhutan moved 137.245 BTC worth about $14.77 million to Binance.
- Holders moving crypto to exchanges is typically sign of interest in selling.
- The transfer comes as traders question bitcoin’s failure to hit new highs despite heavy corporate buying.
The Royal Government of Bhutan transferred 137.245 bitcoin worth about $14.77 million to crypto exchange Binance on June 30, according to blockchain data from Arkham Intelligence. This fresh transaction comes as Bhutan’s total bitcoin holdings have grown to 11,924 BTC, valued at approximately $1.28 billion at current market prices of around $107,000.
The small Himalayan kingdom has become a significant player in the crypto space, with its bitcoin stash representing a sizable chunk of its economy. The holdings were built largely through state-backed mining operations under Druk Holdings, working alongside Bitdeer Technologies, which is expanding local mining capacity to 600 megawatts by 2025.
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The latest Binance deposit has fueled speculation about potential selling pressure, although no one from the government has not commented publicly on the reason for the transfer.
Some investors of late are questioning why bitcoin has not surged to new all-time highs despite significant corporate buying. These investors, however, fail to take into account large holders (like Bhutan) sitting on heavy profits who are happy to unload a portion of their stakes, balancing that heavy buy pressure.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
あなたへの
Small investors are buying bitcoin. For a rally to succeed, the whales need to join in.
Small wallets have increased their BTC holdings by 2.5% since October's all-time high while large holders trimmed 0.8%, Santiment data shows.
知っておくべきこと:
- Bitcoin wallets holding less than 0.1 BTC have increased their share of supply to the highest since mid-2024 even as the price holds around the mid-$60,000s.
- Larger holders with 10 to 10,000 bitcoins — the whales and sharks that typically drive major moves — have reduced their positions since the October peak.
- The divergence supports choppy, fragile price action because retail demand alone cannot sustain rallies when big wallets are distributing into every recovery.
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