Bitcoin Whale: Bhutan’s Recent Transfers Explained

Bitcoin Whale- Speculation Surrounds Bhutan’s Bitcoin Transactions

Bitcoin Whale– The Bhutan government, holding over $900 million in Bitcoin (BTC), recently transferred a significant portion of its holdings to exchanges, igniting speculation about potential sales that could impact market prices. According to Arkham Intelligence, Bhutan moved $65 million worth of Bitcoin to the crypto exchange Binance late Tuesday, coinciding with Bitcoin nearing a lifetime peak above $73,500. Following this news, BTC’s price dipped to around $72,400 mid-morning in London, as reported by CoinDesk Indices.

Bhutan Emerges as a BTC Whale

Earlier this year, Bhutan emerged as a significant player in the Bitcoin market, becoming a “BTC whale”—a term used to describe influential holders of the asset—after Arkham identified its wallets for the first time. This designation makes Bhutan the second country, after El Salvador, to officially hold Bitcoin. The nation’s Bitcoin holdings constitute nearly a third of its gross domestic product (GDP) and were acquired through mining operations managed by the state-owned Druk Holdings. This mining activity is linked to Bitdeer Technologies Group (BTDR), which is expanding its facilities in Bhutan with a goal of achieving 600 megawatts of capacity by 2025.

Strategic Diversification and Recent Activity

Bhutan’s foray into digital assets is part of a broader strategy by Druk Holdings to diversify its revenue streams. Recent wallet activity indicates a mix of deposits and withdrawals, including substantial transactions with exchanges like Kraken. Although an inquiry about the government’s Bitcoin movements and any future plans went unanswered prior to publication, tracking data shows that Druk wallets have experienced notable deposit and withdrawal activity in recent weeks. This includes receiving up to 2 BTC from Foundry, another miner, along with multiple transactions from unidentified Bitcoin addresses.

Profit-Taking Trend Among BTC Whales

Bhutan’s recent BTC transfers align with a wider trend of profit-taking among Bitcoin whales as the cryptocurrency’s price approaches the record high established in March. CoinDesk research highlighted that as more holders aim to secure their profits, market activity may slow down the ascent toward new record prices. Despite this, the sentiment remains optimistic, with many believing that a new all-time high could still be on the horizon.

As of Tuesday, 99.7% of the circulating Bitcoin supply was in profit, amounting to $1.5 billion in realized profits. Most of these gains have been recorded by larger entities holding at least 100 BTC, according to Glassnode data. Although realized profits peaked on October 8 and have begun to stabilize, the overall profit-taking trend continues to surpass the yearly average, suggesting that while there are profit realizations, many investors are still poised for potential future gains.