Bhutan moved $60 million in Bitcoin signaling possible new sales soon on major exchanges.
The country uses custodian wallets to manage Bitcoin and reduce traceability on the blockchain.
Mining activity has slowed with no recent rewards and reserves show signs of active trading.
The Royal Government of Bhutan appears to have moved $60 million worth of Bitcoin recently. The coins were transferred in two transactions to a new intermediary wallet. From there, a test transaction was sent to Binance, signaling potential upcoming sales.
https://twitter.com/arkham/status/1953508561562067312
This activity marks the first notable outflow since July, according to blockchain monitoring firm Arkham Intelligence. Previously, Bhutan sent Bitcoin directly to Binance without intermediaries.
Use of Custodian Wallet Breaks Traceability
Arkham Intelligence later reported the coins were moved to a Cobo hot wallet. Cobo acts as a trusted custodian, which disrupts direct blockchain traceability. This shift suggests Bhutan is using intermediaries to better manage its Bitcoin reserves.
The move may complicate tracking the country’s Bitcoin flow for analysts. Bhutan still holds roughly $1.26 billion in Bitcoin spread across multiple wallets. The recent sale happened as Bitcoin prices climbed above $116,000.
Mining Activity and Treasury Balances Show Changes
Bhutan’s Bitcoin balance has slightly decreased from its peak of about 13,350 BTC. The top wallets no longer show regular daily inflows, indicating mining activity may have slowed or paused. Hydroelectric miners face challenges due to the dry season, which limits reliable energy for mining operations.
The country has not disclosed its current Bitcoin mining hashrate. The last mining reward from the Foundry pool was recorded nine months ago, suggesting mining may be inactive for now. Despite this, the royal government also integrated cryptocurrency in the tourism industry after partnering with Binance Pay.
Trading Moves Suggest Strategic Reserve Management
Since reaching its peak, Bhutan has adjusted its Bitcoin holdings multiple times. The treasury once accounted for 40% of the country’s GDP. At one point, reserves dropped below 8,000 BTC before signs of re-buying appeared at lower prices. Over the past month, Bhutan moved about 650 BTC, generating over $74 million in proceeds through Binance.
These transfers suggest that the country may have been repurchasing Bitcoin in market crashes. These activities indicate Bhutan is trying to potentially trade its Bitcoin treasury to maximize returns on short-term investments.
According to blockchain data, Bhutan is currently the second country after North Korea which has around 13,562 BTC. The country’s Bitcoin strategy remains a closely watched example of sovereign digital asset management.
