Just-In: Bhutan Govt Moves Another $47M in BTC Amid Rising Selling Pressure
Highlights
- Royal Government of Bhutan moves another 419.5 BTC, following 913 BTC last week.
- The move likely came in response to bearish sentiment in the crypto market.
- Bitcoin trading mostly sideways in the last 24 hours.
The Bhutan government transferred an additional 419.5 BTC on Wednesday, raising concerns about rising selling pressure in the crypto market. This comes following $107 million in Bitcoin moved to a wallet by the Bhutan government last week as the U.S. Federal Reserve resumed rate cuts.
The Royal Government of Bhutan Transfers $47M Bitcoin
Lookonchain reported on September 24 that the Royal Government of Bhutan just transferred another 419.5 BTC worth $47.23 million. This was the second consecutive week of transfer by the nation, indicating outflows are rising after the US Federal Reserve delivered its first interest rate cut of 2025.
Last week, the Bhutan government-labeled wallet transferred 913 BTC worth nearly $107 million to two new wallet addresses. According to Arkham data, the wallet has sold a small portion of BTC holdings to Binance in the last few months, while adding Bitcoin and other crypto assets through mining.
The Royal Government of Bhutan’s original wallet still holds 9,232 BTC, which is valued at $1.04 billion at the current market price.
Bearish Sentiment in Crypto Market
10x Research, Matrixport, and other experts have predicted a fall in BTC price. The $109,899 level is an inflection point to watch amid negative sentiment among options traders, whales, and spot Bitcoin ETF investors.
Fed Chair Jerome Powell’s slightly hawkish remarks tempered expectations for further rate cuts this year, warning that uncertainty surrounding the path of inflation remains high. He joined other Fed officials to deny the need for aggressive rate cuts. Newly appointed Fed Governor Stephen Miran is the only one favoring a 50 bps cut.
Multiple headwinds likely led the Bhutan government to pick up pace in liquidating its Bitcoin holdings.
BTC Price Stays Near $112K
BTC is trading at $112,550, down 0.2% in the last 24 hours. The 24-hour low and high are $111,229 and $113,351, respectively. Trading volume has dropped further by 13% in the last 24 hours, indicating a decline in interest among traders.
CoinGlass data showed mixed sentiment in the derivatives market. At the time of writing, the total Bitcoin futures open interest jumped 0.06% to $81.69 billion in the last 24 hours. Bitcoin futures OI on CME fell 1.85% and climbed 0.22% on Binance. This signals cautious trading among derivatives traders.
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