The Royal Government of Bhutan has transferred more than $100 million worth of Bitcoin, coinciding with renewed activity from long-dormant whales and fresh volatility in the wake of the U.S. Federal Reserve’s first interest rate cut of 2025.
Bhutan’s $107M Bitcoin Move
On Thursday, a government-designated wallet belonging to Bhutan shifted 913 Bitcoin (BTC), valued at approximately $107 million, into two newly created wallets, according to blockchain tracking firm Lookonchain. Despite the transfer, the wallet still retains 9,652 BTC — worth over $1.1 billion at current market prices.
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It was the first movement from Bhutan-linked addresses in nearly a month. The last recorded activity was on Aug. 18, when around $92 million worth of Bitcoin was shifted, according to Arkham Intelligence. Analysts suggest the latest activity could be a precursor to partial liquidations, with a full sell-off potentially adding more than $1 billion in supply to the market.
Bhutan has steadily deepened its crypto exposure under King Jigme Khesar Namgyel Wangchuck. Beyond holding BTC, the kingdom has embraced hydro-powered Bitcoin mining and developed a state-backed crypto reserve. Arkham previously identified the crypto wallet of Druk Holding and Investments, Bhutan’s sovereign investment arm, which was revealed in September 2024 to control nearly $780 million in crypto assets.
Source: Lookonchain
Whales Awaken Amid Fed Cut
Analysts caution that these whale movements, combined with recalibrated expectations around U.S. monetary policy, could trigger short-term volatility. Still, the medium-term outlook for Bitcoin remains bullish, with targets ranging between $123,000 and $150,000 if further cuts materialize and institutional demand continues to rise.