Bhutan Offloads $40M in Bitcoin as Price Eyes Fresh Highs

The Royal Government of Bhutan has again aroused interest in the broader cryptocurrency space with a notable Bitcoin (BTC) transfer. According to Arkham Intelligence, an on-chain analytics platform, the Royal Government of Bhutan transferred 406 BTC worth around $40 million.

Bhutan’s Strategic Offloading Amidst Bitcoin Rally

The transfer is the latest in a series of transfers in the last two months. Despite the Bitcoin price rally, the Royal Government of Bhutan has been unloading its holdings at regular intervals. The movement of its Bitcoin holdings intensified after Donald Trump’s victory in the U.S. November election.

This offloading of its Bitcoin stake is happening despite the price rally of the world’s leading digital asset. The 406 BTC, which moved to QCPCapital, has sparked speculation among stakeholders as some believe it is an outright sale. This development contrasts with those of other countries like Brazil eyeing Bitcoin reserve.

Data shows the Bhutan government’s holdings have dwindled to 11,781 BTC in its treasury. Notwithstanding, the Royal Government of Bhutan still ranks among the top five largest government holders.

Is Profit the Motivation Behind the Sales?

The cumulative value of the remaining Bitcoin in the Royal Government of Bhutan’s treasury stands at approximately $1.164 billion. This massive chest is due to Bhutan being a major mining site for Bitcoin. Notably, the government’s acquisitions came mainly from its hydro-powered mining operations.

However, since late October 2024, when the price of Bitcoin surged, the government has offloaded 1,696 BTC. Market observers suggest that they were taking advantage of the price increase to make a profit. The sales made at an average price of $81,999 has generated approximately $139 million. All of the transactions have flowed either through Binance or QCPCapital.

Long-Term Bitcoin Projections

Interestingly, despite Bitcoin breaching the psychological level of $100,000 in a historic climb, the asset has struggled to reach a support level. As of this writing, data shows that BTC exchanges are at $98,977, down by 1.19%.

However, its market volume has risen by 59.40% to $66.41 billion. Analysts speculate that despite the continued fluctuations in the volatile market, Bitcoin will soar in 2025 in the long term Some have predicted that before the end of 2025, BTC will cross $200,000.