The Royal Government of Bhutan has once again moved a large batch of Bitcoin, sparking talk across the crypto market.
Nearly 800 BTC, valued at about $92 million, was shifted on August 18, 2025, into two new wallets. The move added to a series of transactions made earlier this month and has fueled speculation about whether the Himalayan kingdom is preparing to sell.
Third Transaction This Month
This is not the first time Bhutan has drawn attention in August. On August 5, the government transferred 517 BTC to an unknown address.
Just two days later, on August 7, another batch was tracked to a Cobo Hot Wallet at an average price of $116,557.
The Royal Government of Bhutan has transferred 799.69 $BTC, worth $92.06M, into 2 new wallets, likely for deposit into a CEX (#Binance).https://t.co/q4dW3qJBT5 pic.twitter.com/bRvm3o90UI
— Onchain Lens (@OnchainLens) August 18, 2025
Reports confirmed that those coins were headed for sale, with Cobo acting as custodian of Bhutan’s Bitcoin holdings.
In its latest update, blockchain analytics firm Arkham confirmed the 799.69 BTC move and highlighted that this was the third major transaction from Bhutan this month.
Bitcoin’s Price Pressure
The timing comes as Bitcoin struggles to hold onto recent highs. The token reached a record $124,500 on August 14, 2025, before sliding back to $115,300.
Data shows it was down 2.30% in 24 hours and nearly 5% over the week. Platforms like Onchain Lens suggested that Bhutan’s most recent transfer may be linked to Binance, though no official word has come from Bhutanese authorities.
Market watchers say such transfers often hint at a possible sale, but they can also be part of wallet restructuring or custody changes.
Bhutan’s Place Among Top Holders
Even with these movements, Bhutan remains one of the biggest nation-state holders of Bitcoin. Current estimates put its reserves at around 9,969 BTC, worth about $1.15 billion.
That kind of figure makes Bhutan the sixth-largest holder worldwide, behind the US with 198,000 BTC, China with 190,000 BTC, the UK with 61,240 BTC, Ukraine with 46,350 BTC, and North Korea with 13,560 BTC.
Unlike other countries that built their stacks mostly from seizures, Bhutan’s holdings trace back to mining.
For now, the repeated transfers leave the market guessing. Some traders see it as a sign of profit-taking after Bitcoin’s latest peak.
Others say it may just be about custody adjustments. Without confirmation from Bhutan, the reason behind the moves remains uncertain.
Featured image from Meta, chart from TradingView
