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- Bhutan-linked Bitcoin wallets sent $34.61 million in BTC to a Binance-linked address.
- Arkham traced about $18.26 million in Bitcoin from Royal Government-tagged wallets.
- Bhutan still holds nearly $113.69 million in Bitcoin after the latest transfers.
Bitcoin transfers linked to wallets tagged as the Royal Government of Bhutan drew attention after Arkham reported fresh exchange deposits. A Binance-linked address received about $34.61 million in Bitcoin within recent hours. Part of the inflow came from government-labeled wallets.
Arkham data showed several large deposits today. One transfer included 300.063 BTC, valued at about $19.49 million. Another deposit carried 233.153 BTC, worth about $15.1 million.
The transfers also included smaller BTC movements. Together, they brought the reported Binance-linked inflow to nearly $34.61 million. The activity appeared across addresses tied to Bhutanese government holdings.
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Bhutan Bitcoin Wallets Draw Attention
The largest directly traced portion was about $18.26 million. Arkham linked that amount to wallets tagged as Bhutanese government reserves. The data did not show an official reason for the transfers.
Bhutan’s remaining Bitcoin holdings are now estimated at about $113.69 million. That balance remains significant. It also keeps the country among notable sovereign holders tracked by on-chain platforms.
The transfers have raised questions among market observers. Large exchange deposits can come before sales. They can also reflect custody changes, liquidity planning, or portfolio adjustments.
No Bhutanese authority has issued a public statement about the activity. The lack of confirmation leaves the purpose unclear. On-chain records only show wallet movements and exchange-linked deposits.
Bhutan built its Bitcoin position through mining. The country used its hydropower resources to support mining operations. That strategy made it a quiet participant in the digital asset sector.
The kingdom has often drawn interest because of its low-profile approach. It did not promote its holdings in the same way as El Salvador. Instead, its reserves became visible through blockchain tracking and later reporting.
Bhutan Bitcoin Transfers Follow Earlier Wallet Activity
Arkham records also show earlier activity from government-tagged wallets. Older dashboard entries included 100 Bitcoin deposits made about 11 months ago. Those movements suggest the latest transfers were not the first exchange-linked activity.
The recent batch still stands out because of its size. It involved several deposits over a short period. That scale led traders to watch for any follow-up transactions.
Earlier activity on May 12 also drew attention. Bhutan moved 100.44 BTC, worth about $8.2 million, across three transactions. Those coins went to an unlabeled SegWit wallet.
That May transfer may have been internal. However, some earlier movements were later traced to Binance and Galaxy Digital. Those links increased speculation that part of the holdings may have been liquidated.
Some analysts have projected a full exit by October 2026 if the recent pace continues. That view depends on future transfers matching the latest rate. The government has not confirmed any plan to sell.
The latest transfers show how governments can manage Bitcoin without public announcements. Blockchain data makes large movements visible even when policy details remain private. Traders will likely keep monitoring Bhutan-linked wallets for new exchange deposits.
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