The Bhutan Government Transfers 721.46 Bitcoins to New Wallets

• The Bhutan government transferred 721.46 Bitcoins to 3 new wallets.
• Bitcoin shows signs of recovery with a 3.25% daily surge in its market price.

After Strategy and Japan’s Metaplanet, the Royal Government of Bhutan is recognized for its Bitcoin accumulation. The latest transfers by the Bhutan government have raised concerns within the community. Currently, Bitcoin is trading around the $87,500 price level after a prolonged downtrend.

> In the past hour, the Royal Government of Bhutan has transferred 721.46 $BTC, worth $63.24M, to 3 new wallets.
>
> Addresses:
> – bc1qhrxgjgke5uk4yzlxfqkcrd9ala4r9ugqf6u8qfxxnvhuadjalqzshxda7e
> – 3EQGh6W3sfKCpqoFjYRRZbBb5NstY7wDAC
> – 38FBo1uzi9mbiSricAzcDQ8vM758xd3kne… pic.twitter.com/1TAQrAhMM4
> — Onchain Lens (@OnchainLens) March 24, 2025

According to on-chain analysts and trackers Onchain Lens, the Bhutan government transferred a noteworthy 721.46 Bitcoins to three new wallets. The total value of the transferred Bitcoins stands at around $63.24 million based on current market prices. This data confirmation comes from the Arkham Intelligence source.

Post-transfer, the Royal Government of Bhutan holds a total of 10,070 Bitcoins, as reported by Arkham Intelligence. Its overall cryptocurrency portfolio is valued at over $882 million, with investments in Ether, Matic, BNB, LNQ, and PHIL among others.

Bhutan Government BTC Transfers Causing Concerns Amid Market Recovery

The crypto market is gradually recovering, following a few weeks of lackluster performance. Bitcoin is currently trading above the $87,500 mark, and Ether has reclaimed the $2,000 threshold. An increase in institutional investments, coupled with potential tariff reductions announced on April 02, has contributed to the market’s upward trend.

The Bhutan government’s recent large-volume BTC transfer has caught the attention of the crypto community. Such a significant transfer can influence the market dynamics, making Bitcoin enthusiasts and traders wary about whether it could erase any gains made by Bitcoin today.

This isn’t the first instance of the Bhutan government executing a sizable Bitcoin transfer. Earlier in January, they transferred 633 Bitcoins to unknown addresses when their holdings were around 11,000 Bitcoins.

In addition to investing, the Bhutanese government is recognized for its Bitcoin mining initiatives, utilizing its hydropower resources. Over the past few years, it has engaged in both purchasing and mining Bitcoin.