- Bhutan transferred 533 BTC worth about $34.5 million to Binance.
- The funds moved through several transactions from a government-linked wallet.
- Publicly tagged holdings fell to 1,749.96 BTC, valued near $113.7 million.
Bhutan has transferred 533 Bitcoin, worth approximately $34.5 million, to Binance, reducing its publicly tracked holdings to below 1,750 BTC. On-chain analytics platform Arkham identified the transactions from a wallet linked to Druk Holding & Investments, the country’s state-owned investment company.
Notably, the transfer arrived as Bitcoin traded around $65,000, having lost some of its recent recovery. Bhutan has not disclosed the purpose of the Binance deposit or confirmed whether the assets were sold.
Government-Linked Wallet Sends Bitcoin to Binance
Arkham data showed that the 533 BTC moved in several batches to a Binance deposit address. The largest transaction contained 227.194 BTC, valued at roughly $14.7 million at the time.
Another transfer moved 48.228 BTC, worth about $3.1 million. Several smaller payments, ranging from fractions of one Bitcoin to slightly more than 2 BTC, reached the same exchange address.
Depositing cryptocurrency on a centralized trading platform can provide access to liquidity, custody services, or other exchange products. However, blockchain records alone do not show whether the owner sold the transferred assets.
Arkham highlighted the transactions in a post and questioned whether Bhutan was reducing its Bitcoin position. The government had not issued a public statement explaining the movement.
Related: Bitcoin Faces Critical Test as Analysts Debate Path Toward $74K or Drop to $50K
Bhutan’s Holdings Fall From 2024 Peak
Following the transfers, wallets publicly tagged to Bhutan held 1,749.96 BTC, valued at approximately $113.7 million. That balance represents a steep decline from the country’s recorded peak of about 13,000 BTC in October 2024.
The difference amounts to roughly 11,250 BTC. Some of those coins may have moved to addresses that are no longer publicly associated with the government, while others may have entered exchanges or other destinations.
Last month, Arkham tracked another movement of 100.44 BTC, worth around $8.2 million, to an unidentified address. The analytics platform said total outflows from Bhutan-linked wallets had surpassed $230 million since the start of 2026.
Notably, Bhutan acquired much of its Bitcoin through mining rather than criminal seizures. The country has used hydroelectric power to operate mining facilities through government-linked entities.
Related: Russia Eyes Retail Access to Bitcoin, Ethereum, and More
Bitcoin Trades Near $65,000
Even so, Bitcoin traded near $65,221 as the latest transfer entered public view. The asset was down around 1.2% over the previous 24 hours after failing to sustain gains from earlier in the week.
Source: Polymarket
Prediction-market data by Polymarket showed limited expectations for a sharp June rally. The market assigned a 9.5% probability to Bitcoin reaching $72,500 and a 6.5% chance of hitting $75,000 before the end of the month.
Bhutan remained among the largest publicly known sovereign Bitcoin holders despite the reduced balance. Bitcoin Treasuries’ data placed it behind governments, including the United States, China, the United Kingdom, Ukraine, El Salvador, and the United Arab Emirates.
The latest Binance transfer leaves Bhutan with less than 1,750 publicly tracked BTC, while the final use of the deposited funds remains undisclosed.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
