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The Royal Government of Bhutan moved about $72 million worth of bitcoin to multiple addresses across Tuesday and Wednesday, according to Arkham’s tracking of the transfers. The activity represents another significant treasury movement from one of the market’s more closely watched sovereign-linked BTC holders.
Arkham’s post said the latest leg involved roughly $27.8 million in bitcoin moved out of Bhutan-linked holding addresses. This followed an approximately $11 million transfer last week that was sent to the same address used again in the new round of activity.
Taken together, the timing and reuse of the destination address suggest the transfers may be part of a broader repositioning pattern rather than isolated wallet maintenance.
Attention is likely to focus on whether Bhutan-linked wallets continue routing BTC to the same destinations after this two-day wave, or whether activity pauses. For market participants, the key question is whether subsequent movement by the receiving addresses provides clearer signals about the purpose of the transfers—such as custody management, liquidity handling, or eventual distribution.
Source: Arkham (X).
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