Bitcoin News Today: Bhutan Moves $60M Bitcoin to Custodian Wallets Ahead of Potential Sales

Bhutan has recently transferred $60 million worth of Bitcoin into custodian wallets, signaling potential sales on major exchanges in the near future. The coins were moved in two transactions to a new intermediary wallet, with a test transaction subsequently sent to Binance [1]. This development marks the first significant outflow since July, according to blockchain analytics firm Arkham Intelligence [1]. The recent move to a Cobo hot wallet represents a departure from Bhutan’s previous approach, where it directly sent Bitcoin to Binance without intermediaries [1]. The use of custodian wallets is expected to complicate tracking of the country’s Bitcoin activity by reducing direct traceability on the blockchain [1].

The $60 million in Bitcoin was moved to Cobo at an average price of $116,557, suggesting a strategic approach to timing the market as Bitcoin prices climbed above $116,000 [1]. The Royal Government of Bhutan still holds approximately $1.26 billion in Bitcoin across multiple wallets, indicating that the recent move represents only a small portion of its total reserves [1]. Analysts have noted that this activity aligns with Bhutan’s ongoing efforts to manage its Bitcoin treasury more actively, potentially capitalizing on market fluctuations to optimize returns.

Bhutan’s Bitcoin balance has slightly decreased from its peak of about 13,350 BTC, and the top wallets no longer show regular daily inflows, suggesting that mining activity may have slowed or paused [1]. This is attributed to the dry season, which limits the reliable energy supply necessary for hydroelectric mining. The last recorded mining reward from the Foundry pool was nine months ago, further reinforcing the possibility that mining operations are currently inactive [1]. Despite these challenges, Bhutan has continued to integrate cryptocurrency into its economic strategy, including a partnership with Binance Pay in the tourism sector.

Since reaching its peak, Bhutan has made several adjustments to its Bitcoin holdings, including periods of repurchasing at lower prices during market downturns [1]. Over the past month, the country moved about 650 BTC through Binance, generating over $74 million in proceeds. These actions suggest a deliberate and strategic approach to managing its digital assets, with the aim of maximizing returns on short-term market opportunities [1].

Blockchain data indicates that Bhutan is currently the second country after North Korea to hold approximately 13,562 BTC [1]. The country’s Bitcoin strategy remains a closely watched case study in sovereign digital asset management. As Bhutan continues to refine its approach to Bitcoin, the use of custodian wallets and intermediary transfers reflects a growing emphasis on privacy, control, and strategic financial planning.

Sources:

[1] Bhutan Transfers $60 Million in Bitcoin Using Custodian Wallets Ahead of Potential Market Sales (https://cryptonewsland.com/bhutan-transfers-60-million-in-bitcoin-using-custodian-wallets-ahead-of-potential-market-sales/)