A series of Bitcoin transfers from wallets linked to the Bhutanese government has caught the attention of cryptocurrency watchers. According to blockchain data from Arkham, addresses tied to Druk Holdings, the commercial arm of Bhutan’s government, moved 419.5 Bitcoin worth approximately $34.51 million to an unidentified address on April 2.
Government Wallets Transfer Large Sum To New Address
Based on reports from Arkham, a blockchain analytics platform, two separate wallets believed to belong to the Bhutanese government participated in the transfer. The main Bitcoin holding wallet sent 377.8 BTC ($32.11 million) to a new address identified only as “bc1qn6.” A second wallet, labeled “34oXLr,” contributed an additional 41.7 BTC ($3.5 million) to the same destination.
Source: Arkham
The funds remain in the new wallet at the time of this report. This movement follows a larger transfer last week when the government reportedly shifted 1,664 BTC ($144.57 million) to several different addresses.
Bhutan Maintains Significant Crypto Holdings
The Royal Government of Bhutan owns significant Bitcoin holdings, despite recent sales. Bhutan, based on Bitcoin Treasuries data, owns 13,029 BTC at a value of $1,061,269,247. This puts the nation fourth in total Bitcoin owned among countries, just behind El Salvador.
Source: Bitcoin Treasuries
The landlocked Buddhist-majority country has emerged as an offbeat contributor to the cryptocurrency world. Bhutan reportedly mines Bitcoin by leveraging its abundant hydroelectric resources. This most recent stockpile of cryptocurrency constitutes a sizable portion of the total economy — 31% of the country’s gross domestic product (GDP), estimated at nearly $3 billion.
Market Response 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 pulling back. This represents a 2.5% rebound within a day.
The leading cryptocurrency traded at $82,401 at the time of the report, showing a nearly 1% increase over 24 hours. If this upward trend continues, Bitcoin could achieve its third consecutive positive daily close for the first time since early January.
While Bhutan has been selling off its Bitcoin for profit, the United States is seeking to stop all sales of their balance and even expand it. Interestingly, US President Donald Trump signed an executive order last month to establish a strategic Bitcoin reserve for the nation. In the meantime, senator Cynthia Lummis has filed the Bitcoin Act, seeking to acquire 1 million BTC for the nation.
Featured image from AD, chart from TradingView
