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Bhutan Royal Government Moves 325 Bitcoin to Wallet Linked to Galaxy Digital

Bhutan Royal Government Moves 325 Bitcoin to Wallet Linked to Galaxy Digital

According to Onchain Lens and Arkham Intelligence, wallets linked to Bhutan’s sovereign investment arm made two large Bitcoin transfers totaling about 700 BTC, raising suspicion of a roughly $50 million sale.

BTC

Summary

On-chain data flagged by Onchain Lens and Arkham Intelligence suggests the Royal Government of Bhutan, through wallets attributed to Druk Holding & Investments, may have sold roughly 700 BTC worth about $50 million. The new report expands on an earlier transfer of 325 BTC to a wallet linked to Galaxy Digital by identifying two large transfers and a higher estimated total amount moved. The source does not confirm that a sale took place, but says the transactions have prompted market speculation about disposal of government-held Bitcoin.

Terms & Concepts
  • BTC: BTC is the ticker symbol for Bitcoin, the largest cryptocurrency by market value.
  • On-chain data: Public blockchain transaction records that analysts use to trace wallet activity and fund movements.
  • Galaxy Digital: A digital asset financial services firm involved in crypto trading, investment, and related market activity.