A transfer of 533.2 BTC worth $34.52 million to Binance suggests the kingdom has steadily reduced holdings since last June, while still retaining about 1,750 BTC.
Bhutan government-linked addresses transferred 533.2 BTC valued at $34.52 million to Binance, in a move tracked by on-chain analyst Ember. Since last June, those addresses appear to have sold about 10,451 BTC over one year, cashing out roughly $979 million at an average price of $93,738 per Bitcoin. The activity indicates a steady disposal rather than a single large sale, a pattern often used to reduce market impact when moving sizable crypto positions. The addresses are estimated to still hold about 1,750 BTC.