The Royal Government of Bhutan, through its investment arm Druk Holding and Investments, transferred 419.5 Bitcoin (BTC) worth approximately $47.23 million on September 24-25, 2025. This marks the second consecutive week of significant outflows, following a previous transfer of 913 BTC valued at nearly $107 million just days earlier.
According to on-chain data from Lookonchain, Bhutan's original wallet still holds 9,232 BTC, with a current market value of around $1.04 billion. These movements have raised alarms about increased selling pressure, particularly as they coincide with the U.S. Federal Reserve's resumption of interest rate cuts, which has contributed to market volatility. Analysts from institutions like 10x Research and Matrixport have identified $109,899 as a critical price level for Bitcoin, with negative sentiment growing among options traders and ETF investors.
Arkham data indicates that Bhutan has sold portions of its Bitcoin on Binance in recent months while continuing to accumulate crypto through mining. Despite Federal Reserve Chair Jerome Powell tempering expectations for aggressive rate cuts, newly appointed Governor Stephen Miran's support for a 50 basis point cut adds uncertainty, potentially exacerbating Bitcoin's price instability.