The Bhutan government has continued moving Bitcoin (BTC) as the country intensifies its selling spree. The government-linked wallets shifted over $18 million worth of BTC today, according to on-chain records. It coincides with a downturn in the crypto market, which would further weigh on the BTC price trajectory.
Bhutan Government Transfers Bitcoin Today
Arkham Intelligence data suggests that the Bhutan government transferred around $18.56 million in BTC. Two major transactions included: 162.047 BTC worth about $11.97 million and 69.707 BTC worth roughly $5.15 million. This reserve was moved to a newly created crypto wallet address.
In addition, several smaller transactions saw the shifting of 4-5 BTC per transfer. It signals that the government could be aiming initiate a sell move when compared to its past transfers around Bitcoin.
In the meantime, the crypto market is experiencing heavy losses. As of writing, the BTC price dropped 2.07% to $73,783.44 on Wednesday, April 15. Hence, analysts expect that a selloff by the Bhutan government could exacerbate the bearish situation.
The latest transfer brings the country’s total Bitcoin outflows to 3,247 BTC in 2026. Moreover, now its holdings have reduced to 3,524 BTC from a peak of 13K BTC registered in October 2024, per crypto tools used for tracking.
Major BTC Whale Movements
Ahead of the Bhutan government’s transfer, a Satoshi-era Bitcoin whale transferred 1,000 BTC today after four months of dormancy. They initiated two transactions of 500 BTC each, totaling around $74.03 million today. The reserve was shifted to a new wallet, hinting at a potential sell-off.
Amid sell-off concerns from whales and Bhutan government, analysts like Michaël van de Poppe smashed bearish projections. In a recent post on X, he noted that BTC price could reclaim the $80,000 soon if it breaks above $75,000 and sustains an upward trajectory.
Institutional influx from Bitcoin ETFs and BTC treasury companies could support such a momentum. Recently, Michael Saylor’s Strategy bought over $1 billion worth of BTC as it extended its Bitcoin acquisition streak this week.
Source: https://coingape.com/bhutan-govt-moves-18m-in-bitcoin-amid-btc-sell-off-spree/