Is Bhutan Govt. Selling Bitcoin As Price Breaks All time high?

Coinciding with Bitcoin’s all-time high of $112,000, the Government of Bhutan has moved 213 BTC from its Binance holdings, fueling speculation about a potential sell-off. On-chain data reveals that Bhutan has been gradually transferring BTC over the past two weeks. Despite this, Bitcoin is demonstrating remarkable strength, entering a new price discovery zone, with analysts forecasting a potential surge to $120,000.

Bhutan Moves $23.7M in Bitcoin to Binance, Twice In A Week

Amid the broader crypto market rally today, the Royal Government of Bhutan transferred 213.5 BTC, worth $23.73 million, to a Binance deposit. This marks the second consecutive week of Bitcoin movements to the exchange, according to blockchain intelligence platform Arkham Intelligence. Today’s move comes just as BTC price makes fresh highs in strong upward momentum.

Analysts remain divided over the transfers, with some as a potential mix of profit-taking near BTC all-time highs and preparations to fund upcoming domestic blockchain initiatives. With a Bitcoin Treasury of more than $1 billion, Bhutan is among the most prominent state-level participants in the crypto space. Its BTC holdings also stand at par with corporate giants, like Metaplanet, Tesla, etc. Interestingly, the Asian country has greater BTC reserves than El Salvador.

Are Long-Term Holders Selling BTC?

As Bitcoin enters the price discovery zone, investors need to closely watch the behaviour of long-term holders for the next directional move. Citing data from CryptoQuant, Bitsgap reported: “Historically, long‑term holders (LTHs) start booking gains once their ROI tops 300%. Right now, their average return sits around 215%”.

As per the image above, we’re currently between measured profit-taking and the possibility of a broader long-term holder (LTH) sell-off. As LTH ROI hits 300% historical data, there would be strong chances of market correction.

BTC price has made fresh all-time highs, shooting all the way to $112,000 earlier today with strong bullish sentiment and $60 billion trading volume. Today’s rally comes as crypto industry veterans like Brad Garlinghouse and Brian Armstrong, pushing for the crypto market structure bill, aka CLARITY Act. Furthermore, President Donald Trump is pushing for a 300 bps Fed rate cut, which could be the largest in US history so far, and could lead to a massive capital infusion, driving prices even higher.