Bhutan Government Transfers 490 BTC as Bitcoin Rallies Over $75K
Highlights
- Royal Government of Bhutan transfers over 490 BTC to a new wallet.
- Bitcoin moved earlier this week were also sent to same wallet, sparking selloff concerns.
- Bitcoin price eyes $83K amid bullish predictions by analysts and Glassnode.
The Royal Government of Bhutan has once again sparked discussions among crypto market participants, with its latest transfer of over 490 BTC. This transfer off the wallet comes amid a sudden Bitcoin price rally above $75K.
Bhutan Govt Moves Over 490 BTC, Sparking Selloff Concerns
According to Onchain Lens data, the Royal Government of Bhutan transferred out more Bitcoin from its primary wallet. Notably, it moved 490.87 BTC to new wallets, valued at nearly $32.74 million.
The largest single transfer was 485 BTC worth almost $32.31 million. Bhutan government started moving its holdings amid recent upside momentum in Bitcoin price.
As per Arkham data, the new wallet holds over 2018 BTC worth $152 million. These were transferred over the last 2-3 days, raising concerns about a potential selloff.
As CoinGape reported recently, the Royal Government of Bhutan transferred 300 BTC, valued at roughly $19.3 million at the time of the transaction. These were also transferred to the wallet mentioned above.
Arkham data reveals that the Royal Government of Bhutan’s BTC holdings in the wallet have dropped from roughly 13,000 BTC in October 2024 to 967 BTC currently.
Bitcoin Price Targets Further Rally to $83K
The Bhutan government’s BTC transfer arrives as Bitcoin price has rallied almost 20% this week. Meanwhile, the 24-hour low and high were $69,498 and $76,916, respectively. Trading volume has increased by another 17% over the last 24 hours, suggesting rising interest among traders.
Crypto analyst Ali Martinez predicts a potential Bitcoin rally toward $83K as the next major supply cluster doesn’t appear until $83,307-$84,569. Notably, roughly 1 million BTC previously changed hands at the level.
BITCOIN: NO RESISTANCE
Bitcoin has built a strong support zone between $61,849 and $63,111, where more than 2 million BTC were previously transacted.
More importantly, the URPD shows very little resistance ahead.
If Bitcoin breaks above $75,733, the next major supply cluster… https://t.co/2r05AAsTj9 pic.twitter.com/4Ev8pScjsy
— Ali Charts (@alicharts) August 21, 2026
Glassnode data revealed that high conviction buyers were accumulating Bitcoin since January. Similar behavior was last witnessed in 2022. However, the share of supply bought by this cohort is even larger than the last cycle.
The total Bitcoin open interest across all crypto exchanges surpassed $56.93 billion for the first time since May. It climbed over 7% over the past 24 hours, with almost 8% and 4% rises in open interest on CME and Binance, respectively. BTC futures OI jumped more than 7% on Hyperliquid.
Prediction markets data showed the odds of Bitcoin price reaching $80,000 by December 31, 2026 increased to 79% today.
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