Royal government of Bhutan ditches BTC worth $59.4 million

The Royal Government of Bhutan has sold over $59 million worth of Bitcoin in just four days, according to on-chain data from Arkham Intelligence.

The recent transactions total 512.84 BTC, as the country accelerates its BTC sales against the backdrop of the coin’s new all-time high.

Data captured on Arkham shows that through wallet activity tied to its sovereign investment arm, Bhutan executed six separate Bitcoin transfers to Binance between July 10 and July 14. 

The outflows include one transfer of 208.56 BTC worth approximately $23.18 million, alongside others involving 100 BTC, 99 BTC, and smaller tranches, all to the Binance exchange. According to Lookonchain, Bhutan sold $59.47M worth of Bitcoin in the last four days. 

BTC holdings still above $1.4 billion

As of July 14, the government holds 11,411 BTC valued at roughly $1.4 billion at current prices. This figure places Bhutan among the largest sovereign holders of Bitcoin in the world.

The Royal Government of #Bhutan has been accelerating its $BTC sales!

In the past 4 days alone, #Bhutan sold 512.84 $BTC($59.47M) — selling every day.

They still hold 11,411 $BTC($1.4B).https://t.co/hiNf1ySQhUhttps://t.co/dcqekOeedc pic.twitter.com/b3cQy0ryk8

— Lookonchain (@lookonchain) July 14, 2025

Arkham Intelligence’s tracking dashboard shows the country’s overall crypto treasury was worth $1.29 billion last week. By July 14, that total had risen to $1.37 billion, a $73.33 million jump in just one week. The 3.9% increase could have resulted from a 12.4% intraweek Bitcoin price jump, which saw the largest coin by market cap jump from $108,000 to $122,000. 

Per Arkham data, the country also holds other assets like  656.01 ETH worth $1.93 million. The quantity is unchanged over the past week, but ETH’s 17.93% price increase has boosted the value of the country’s holdings.

As reported by Cryptopolitan last week, between July 3 and July 10, Bhutan’s wallet holdings increased from $1.26 billion to $1.304 billion, even as the country transferred 213 BTC, worth over $23.73 million to Binance. 

Bitcoin price could be the reason for sales

Bhutan government’s recent liquidation spree comes when Bitcoin is counting gains after weeks of consolidating between $105,000 and $108,000. On July 14, Bitcoin reached $122,500 on Coinbase, while CoinGecko reported a similar peak of $122,376. The coin is up 3.5% in the last 24 hours.

Bitcoin broke into a new price discovery on July 11, when it surged past $118,000. It was during this window that Bhutan transferred over $23 million worth of BTC to Binance, and could mean the government may be actively managing its crypto portfolio to lock in profits during market highs.

Notably, this price surge happened when the United States imposed a new set of tariffs against the EU and Mexico yesterday, at a rate of 30%, which in past cycles would have been bearish for risk assets. 

The Average Range Volatility (ARV), a measure of BTC’s real world volatility for the current week, has experienced an uptick of 25% in the last 951 days and is now above 84. Analysts note that upward reversals under such conditions are statistically rare.

Early Monday, Strategy co-founder Michael Saylor posted a hint on X that insinuated his firm will make another Bitcoin purchase. The financial intelligence institution did not issue the routine updates on BTC investments last Monday, but as for this week, Saylor said, “Some weeks you don’t just HODL…Short Bitcoin if you hate money.”

Some weeks you don’t just HODL. pic.twitter.com/PXC7cE3zbq

— Michael Saylor (@saylor) July 13, 2025

Rich Dad Poor Dad author and financial educator Robert Kiyosaki also told his followers that Bitcoin is their “path to becoming a millionaire.” At the time of his remarks, the asset was trading above $117,000.

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