The Royal Government of Bhutan has started moving Bitcoin after months of wallet inactivity, funds were moving to trading companies, exchanges and new addresses as bitcoin slipped below $71,000 and broader markets convulsed.
Onchain data tracked by Arkham shows that wallets linked to Bhutan transferred more than 184 BTC, worth around $14 million, in the last 24 hours.
Some of the bitcoin was sent to new addresses, while other transfers were routed to known counterparties, including QCP Capital and a Binance hot wallet, according to Arkham.
These destinations are usually associated with trading, liquidity management or potential sales. CoinDesk has contacted QCP Capital via Telegram for comment.
This activity marks the first notable wallet movement in Bhutan in around three months and comes at a volatile time for crypto markets. Bitcoin fell more than 7% in 24 hours, while silver plunged as much as 17% and global stocks fell on fears that spending on artificial intelligence could undermine traditional software business models.
Bhutan has become one of the most unusual sovereign holders of bitcoin over the past two years, quietly building a reserve through state-backed mining linked to hydropower.
Unlike corporate Treasuries that advocate accumulation strategies, Bhutan’s holdings have been largely managed out of the spotlight, leading to changes in the behavior of portfolios closely watched by traders.
The latest transfers do not confirm an outright sale. The coins were distributed among several destinations, including new wallets that could indicate an internal reshuffle or collateral management rather than immediate liquidation.
Still, sending bitcoin to exchanges and trading firms during a sharp decline contrasts with the country’s long periods of inactivity.
These moves also echo a broader theme emerging from this selloff: large holders are treating bitcoin less as a static reserve asset and more as a balance sheet tool in times of stress.
Treasury companies, mining companies and now state-linked entities are adjusting their positions as liquidity tightens and price swings accelerate.
