Bhutan Moves $7 Million in Bitcoin, Arkham Says Transfer May Signal Sale

Bitcoin worth about $7 million has been moved from wallets linked to the Bhutanese government, according to blockchain analytics firm Arkham Intelligence. The transfer may indicate a move to another entity or preparations for a sale.

Arkham wrote on X on May 25 that Bhutan moved 90 Bitcoin to a SegWit address. The tokens were worth about $7 million.

A transfer to a SegWit address may signal that the Bitcoin is being handed to a separate entity or positioned for sale, Arkham said. Wallet movements alone, however, do not confirm whether an actual sale took place.

Since the start of this year, Bhutan has moved a total of $237.39 million of Bitcoin from its own wallets to SegWit addresses, Arkham said. The country currently holds about $233.18 million of Bitcoin.

The latest transfer comes as markets watch for possible Bitcoin sales by major holders. Arkham previously said BlackRock sold $1.01 billion of Bitcoin last week.

Market participants say transfers from government and institutional wallets can affect short-term supply and demand. On-chain movements, however, can also reflect custody changes, internal wallet reshuffling or sale preparations, making it necessary to confirm separately whether any coins were actually sold on exchanges.