Is Bhutan Selling Bitcoin? Government Sparks Sell-Off Concerns as BTC Crashes
The post Is Bhutan Selling Bitcoin? Government Sparks Sell-Off Concerns as BTC Crashes appeared on BitcoinEthereumNews.com.
Bhutan’s government has triggered fresh Bhutan Bitcoin sale speculation after on-chain data showed multiple BTC transfers. The moves came as Bitcoin dropped about 19% in a week and traded in the mid-$60,000s. However, on-chain records do not confirm an outright sale, since the BTC moved to unknown wallets rather than a clear exchange address. Bhutan Bitcoin Sale Speculation Grows Arkham data showed that two days ago, the Royal Government of Bhutan sent 184.028 BTC to a wallet starting with “bc1q0…”. The transfer was valued at roughly $14.09 million at the time. In addition, five days ago, Arkham data showed another transfer tied to Bhutan. The Royal Government of Bhutan sent 100.818 BTC to a wallet likely belonging to the trading firm QCP Capital. The BTC transfer carried an estimated value of $8.31 million. However, the available wallet data does not confirm that the coins were sold. Instead, the transfers only show funds leaving the Druk Holding-labeled wallet. Meanwhile, Bhutan also moved stablecoins. One day ago, Arkham data showed 1.5 million USDT transferred from the Royal Government of Bhutan to a Binance hot wallet. The transaction value was $1.5 million, which further leads to questions about whether Bhutan was repositioning assets. BTC Netflows Turn Negative Beyond Bhutan-linked transfers, broader Bitcoin flow data shows consistent outflows. As per Coinglass, BTC netflows turned increasingly negative in late January and early February. Several large red spikes reached roughly negative $300 million to negative $450 million around Jan. 29 and Feb. 1–2. In addition to heavy outflows, Bitcoin’s price continued to crash. BTC slid from around $90,000–$92,000 to about $66,000–$68,000 by Feb. 5. This dip shows there are other reasons for the decline, not just spot selling. Source: Coinglass Analyst Lark Davis described the Bitcoin dip as “totally price insensitive selling.” He also questioned whether…
Filed under: News - @ February 5, 2026 11:28 pm