Bhutan Transfers 213.5 BTC to Binance Amid Bitcoin Price Surge

Bhutan's government has made a significant move in the cryptocurrency market by transferring 213.5 BTC, valued at approximately $23.7 million, to Binance. This transfer occurred on July 10, 2025, amidst a period of record high prices for Bitcoin, which had surged to $112,000. The transfer is part of Bhutan's strategic approach to profit-taking during bullish market cycles, a pattern that has been observed in the past. This move has increased Bhutan's net holdings to a value of $1.30 billion, solidifying its position as the sixth-largest Bitcoin holder globally. The transfer is significant not only for its size but also for its timing, as it coincides with Bitcoin's recent price surge.

Bhutan's investment arm, Druk Holding and Investments (DHI), has been actively managing the nation's cryptocurrency reserves. The transfer to Binance is the second consecutive week that Bhutan has made a significant transfer to the exchange, suggesting a likely intention to sell. This strategic move aligns with Bhutan's approach to leveraging cryptocurrency as a high-yield reserve. The financial outcome reflects proactive crypto reserve management, with future actions closely monitored. Bhutan’s approach could serve as a model for sovereign cryptocurrency management as trends evolve.

The transfer of Bitcoin to Binance comes at a time when there is increased activity in the derivatives market. Derivatives market data showed an uptick in short liquidations and leveraged buying activity during Bitcoin’s rally past $112,000. This increased activity suggests that there is significant interest in Bitcoin, with traders looking to capitalize on the price surge. The transfer of Bitcoin to Binance also comes against the backdrop of several long-dormant Bitcoin wallets moving their holdings to exchanges. On-chain data revealed that older Bitcoin holdings, dormant for seven to ten years, have started to move, which analysts call an indicator of profit-taking. Just last week, two wallets from the Satoshi era moved 20,000 BTC valued at $2.18 billion. These coins had not been touched in 14 years.

Bhutan's overall crypto portfolio has seen a significant increase in value, largely due to the bullish market conditions. The nation's holdings of 11,930 BTC were valued at $1.26 billion on July 3, with each coin priced at roughly $105,690. By July 10, Bitcoin’s value had climbed to $111,268, pushing the total value of Bhutan’s holdings to $1.3 billion. The amount of Bitcoin held remains the same, indicating that while 213.5 BTC was sent to Binance, additional BTC might have been mined or moved between internal wallets. Other assets in Bhutan’s portfolio include 656 Ethereum, which increased in value from $1.58 million to $1.71 million after prices rose from $2,405 to $2,791.53 during the same period. Bhutan recorded an appreciation of over $130,000 in valuation without increasing or reducing its ETH holdings. Several smaller assets in Bhutan’s wallet also registered meager gains. These include AIKEK, whose value rose from $43.33 to $50.68, and KIBSHI, which increased from $116 to $165. BOBO, a memecoin with 69 million units held, gained around $3.60 in valuation during the week.

The government expanded its mining footprint in 2023 through a partnership with a mining firm. Together, they launched a 600-megawatt mining facility in Gedu, located on the grounds of a failed education infrastructure project. The recent BTC wallet activity by the government comes against the backdrop of several long-dormant Bitcoin wallets moving their holdings to exchanges. On-chain data revealed that older Bitcoin holdings, dormant for seven to ten years, have started to move, which analysts call an indicator of profit-taking. Just last week, two wallets from the Satoshi era moved 20,000 BTC valued at $2.18 billion. These coins had not been touched in 14 years.