Bhutan Adds to Selling Pressure with $47M Bitcoin Fresh Transfer

The Royal Government of Bhutan has once again stirred the crypto market by moving a large chunk of its Bitcoin (BTC) holdings. On Wednesday, the nation transferred 419.5 BTC, worth more than $47 million, only a week after shifting $107 million in Bitcoin to a separate wallet. 

These back-to-back transfers have raised questions about increasing selling pressure at a time when the U.S. Federal Reserve has resumed cutting interest rates.

Bhutan Steps Up Its Bitcoin Transfers

According to Lookonchain, Bhutan moved 419.5 BTC on September 24, marking the second week in a row of sizable transfers. Last week, the government-labeled wallet moved 913 BTC, valued at nearly $107 million, to two new addresses.

Blockchain intelligence from Arkham shows that Bhutan has previously sold a small portion of its digital coins to Binance while also adding fresh holdings through crypto mining. Despite the recent moves, Bhutan’s original wallet still holds 9,232 BTC, valued at about $1.04 billion at today’s market prices.

Market Reactions and Expert Predictions

The timing of these transfers has not gone unnoticed. Experts from 10x Research, Matrixport, and other firms have warned of a possible downside in Bitcoin’s price. 

Analysts point to $109,899 as a key level to watch. Sentiment among options traders, whales, and spot Bitcoin ETF investors has also turned more cautious. Many amplified concerns that Bhutan’s sales could add to the pressure.

Currently, Bitcoin is trading around $113,055, down 0.2% in the past 24 hours, according to CoinMarketCap data. Bitcoin’s price has moved between $111,229 and $113,351 during this time. Trading has also slowed, with volumes down 13% in the last 24 hours, showing weaker interest from investors.

Data from CoinGlass shows traders are split on Bitcoin futures. Total open interest went up slightly by 0.06% to $81.69 billion in the past day. 

CME futures open interest also dropped 1.85%, while Binance saw a small 0.22% increase. These changes show that traders are being careful and avoiding big bets as the market gives mixed signals.

Fed Rate Cut Uncertainty Keeps Markets on Edge

Bhutan’s actions come as the United States shifts its economic policies. The Fed’s first rate cut of 2025 was expected to boost risky assets like Bitcoin, but Chair Jerome Powell struck a careful tone. 

He warned that inflation risks remain and pushed back against hopes for deeper cuts this year. JPMorgan Chase CEO Jamie Dimon also echoed this cautious outlook, saying the Fed cannot keep lowering rates unless inflation falls more clearly. 

Most Fed officials now prefer small, gradual cuts. New Governor Stephen Miran is the only one pushing for a larger 50 basis point cut. 

This mixed outlook has added more uncertainty, creating fresh headwinds for crypto markets. While uncertainty hangs over the market, many traders are hoping Bitcoin can rally in the traditional ‘Uptober’ season.