In a surprising financial maneuver, the Royal Government of Bhutan has recently liquidated approximately $60 million in Bitcoin over a span of just four days. Data sourced from Arkham Intelligence reveals that the nation transferred a total of 512.84 BTC between July 10 and July 14, showcasing a calculated approach to managing their digital asset portfolio.
Timing the Market
Reports suggest that Bhutan’s sovereign investment arm strategically executed six separate transfers of Bitcoin to Binance during this period. Notably, one of these transactions involved a significant transfer of 208.56 BTC, amounting to close to $23.18 million.
The government’s sales, totaling $59.47 million, seem to coincide with Bitcoin reaching new peaks, indicating a savvy approach to profit-taking.
The Royal Government of #Bhutan has notably ramped up its $BTC sales!
In just four days, #Bhutan sold 512.84 BTC ($59.47M), completing sales daily.
Presently, they retain an impressive 11,411 BTC ($1.4B).
— Lookonchain (@lookonchain) July 14, 2025
Robust Cryptocurrency Reserves
Despite the recent sales, Bhutan maintains a substantial crypto holding. The country possesses 11,411 BTC, which translates to approximately $1.4 billion as per contemporary market values.
Arkham’s data dashboard indicates a rise in Bhutan’s crypto treasury from $1.29 billion to $1.37 billion in just a week—a substantial increase of $73.33 million. This surge is partially attributable to an 12.4% increase in Bitcoin’s price over the same period, pushing the price from $108,000 to $122,000.
Ethereum Holdings Steady
As for other assets, Bhutan’s Ethereum portfolio remains consistent at 656 ETH, valued at about $1.93 million. Although the quantity hasn’t changed, an 18% increase in Ethereum’s price has enhanced the value of this holding. These developments have sparked discussions about the impact of incremental changes in large portfolios during bullish market conditions.
Previous Activity and Market Dynamics
Prior to these sales, Bhutan’s wallet value experienced a slight increase from $1.26 billion to $1.30 billion between July 3 and July 10, even after moving 213 BTC (approximately $24 million) to Binance. This suggests a proactive management style in handling their cryptocurrency investments, shedding assets during price surges while capitalizing on market rallies.
Recent Market Trends and Insights
Bitcoin had been consolidating between $105,000 and $108,000 before its notable breakthrough past $121,000 on July 13. On the same day, the Bhutan government executed its significant sale of around $23 million. Interestingly, amidst geopolitical tensions from newly imposed 30% tariffs on goods from the EU and Mexico, Bitcoin demonstrated resilience, ultimately climbing to $122,400 on Coinbase.
Featured image sourced from Luxury Travel Magazine, chart illustrated via TradingView
