Bhutan Government Shifts Fresh 419 Bitcoin Worth $36M to Unmarked Address: Another Round of Selloffs?

An address identified as belonging to Druk Holdings, the commercial arm of the Bhutan government, has shifted Bitcoin to an unmarked wallet.

Data from Arkham confirmed this shift, which happened at 10:51 (UTC) on April 2, a day Donald Trump themed as America’s Liberation Day. On-chain analysis shows that two addresses belonging to the Bhutan government shifted 419.5 BTC, worth $35.65 million, to an unidentified address.

Bhutan Moves Fresh Bitcoin

While crypto investors focus on the market’s price action today, the Bhutan government is shuffling its tokens. The entity moved 377.8 BTC ($32.11 million) from its main Bitcoin holding wallet to a new address, “bc1qn6.”

Meanwhile, Arkham shows that another wallet identified as belonging to the country also sent Bitcoin to the receiving address. The wallet, “34oXLr,” transferred 41.7 BTC ($3.5 million) alongside the 377.8 BTC ($32.11 million), totaling 419.5 BTC ($35.65 million).

While the funds remain in the new wallet at the time of writing, Bhutan’s history of selling Bitcoin has raised concerns among market participants about another dump. Notably, the government shifted 1,664 BTC ($144.57 million) to several addresses last week.

While Bhutan has continued to sell off its Bitcoin for profit, the United States is looking to halt all sales of their balance and even increase it. Notably, President Donald Trump signed an executive order last month to create a strategic Bitcoin reserve for the country. Meanwhile, senator Cynthia Lummis has introduced the BITCOIN Act, looking to procure 1 million BTC for the country.

Meanwhile, despite its recent sales, the Royal Government of Bhutan still holds 8,594 BTC, worth over $729 million. Statistically, it ranks fourth among the largest countries holding the pioneering cryptocurrency, just above El Salvador.

The Bhudi-dominated landlocked nation is a key player in the crypto space, harnessing its rich hydroelectric resources to mine Bitcoin. Its cryptocurrency holdings account for 30.7% of its gross domestic product (GDP), valued at about $2.9 billion in 2023.

Bitcoin Reclaims $86,000 Regardless

Despite uncertainties from the Bhutan shift and the impact of Trump’s tariff implementation, Bitcoin has reclaimed $86,000. The asset rebounded 2.5% from a low of $83,914 today to hit $86,149 before retracing slightly.

If momentum persists, Bitcoin could be on course for its third consecutive positive daily close for the first time since early January. The crypto firstborn trades at $85,566, up nearly 1% in the past 24 hours.