Bitcoin’s surge above $117,000 this week was quickly overshadowed by major wallet activity and policy news.
The Federal Reserve’s first rate cut of 2025, a 25 bps move, sparked a brief rally before cautious projections of only 50 bps in total easing cooled optimism.
Adding to the uncertainty, blockchain data revealed that Bhutan shifted 913 BTC — worth about $107 million — into new wallets. The government-linked account still holds nearly 10,000 BTC, valued at more than $1.1 billion, but the transfers raised concerns about potential sell pressure.
Bhutan has positioned itself as a rare sovereign Bitcoin holder, using hydro-powered mining and its wealth fund to accumulate crypto.
The Himalayan kingdom’s moves weren’t the only shock. A long-dormant whale reemerged after 12 years, transferring $116 million in Bitcoin originally acquired at under $1,000 apiece. Such awakenings often precede large sales or redistributions, making them a source of anxiety for traders monitoring supply dynamics.
Analysts warn these large flows, combined with the Fed’s cautious outlook, could trigger short-term turbulence. Ryan Lee of Bitget suggested Bitcoin might dip 5–8% in a “sell the news” phase before attempting another run toward $123K–$150K if more rate cuts follow.
Ethereum and Solana, meanwhile, may benefit from ETF-driven inflows and network catalysts in the near term.
Market watchers point out that sovereign-level activity, such as Bhutan’s transfers, represents a new wrinkle in Bitcoin’s maturation. While corporate treasuries like Tesla and MicroStrategy have drawn attention in past cycles, the involvement of governments adds an additional layer of unpredictability — especially if such actors decide to liquidate holdings to cover fiscal needs.
For now, Bitcoin remains within striking distance of record highs, but the balance between bullish macro trends and potential sell pressure from whales and state entities could dictate whether momentum carries through or stalls in the weeks ahead.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/bhutans-100m-bitcoin-transfer-raises-fresh-market-concerns/