TLDR
- Bhutan transferred 490.87 BTC worth about $32.74 million to new wallets during Bitcoin’s latest rally.
- A previous 300 BTC transfer was sent to the same wallet earlier during the week.
- Bitcoin climbed above $75,000 after gaining nearly 20% during the week’s sharp market recovery.
- Analysts identified the $83,307 to $84,569 range as Bitcoin’s next major concentrated supply zone.
- Bitcoin futures open interest surpassed $56.93 billion as derivatives activity increased alongside the price rally.
The Royal Government of Bhutan transferred more than 490 Bitcoin to new wallets as BTC rallied above $75,000, drawing attention to the government’s latest movement of its crypto holdings.
Bhutan Government Moves 490 BTC to New Wallets
The Royal Government of Bhutan transferred 490.87 BTC from its primary wallet, with the assets valued at about $32.74 million at the time of the transaction. Onchain Lens tracked the transfer, including a single movement of 485 BTC worth roughly $32.31 million.
The transaction follows another transfer earlier this week involving 300 BTC, valued at about $19.3 million at the time. Both transfers went to the same wallet, which now holds more than 2,018 BTC valued at roughly $152 million, based on Arkham data.
BHUTAN MOVES $32.7M BTC TO FRESH WALLETS
The Royal Government of Bhutan moved 490.87 $BTC (~$32.74M) to fresh wallets over the past day.
The largest transfer was 485 $BTC (~$32.31M). pic.twitter.com/DQLs7MHrCT
— Onchain Lens (@OnchainLens) August 21, 2026
The movements have raised questions over whether Bhutan could be preparing to sell part of its Bitcoin holdings. However, transferring BTC between wallets does not confirm a sale, and the destination has not been identified as an exchange deposit address.
Arkham data also indicates that Bitcoin held in the Bhutan government’s tracked primary wallet has declined from around 13,000 BTC in October 2024 to about 967 BTC. Some of those assets have moved to other addresses, meaning the decline in that wallet alone does not establish how much Bitcoin Bhutan has sold.
Bitcoin Whales Take Profits as Short Positions Rise
Bhutan’s latest transfer comes as Bitcoin has gained almost 20% this week. BTC traded between $69,498 and $76,916 over the latest 24-hour period, while trading volume increased another 17%.
Whale activity across major exchanges has been mixed during the rally. Large traders sold about $20.27 million in Bitcoin on Binance’s spot market and $5.25 million on OKX, while Coinbase recorded roughly $12.65 million in net spot buying.
Derivatives positioning has also leaned bearish among large traders. Binance recorded about $4.54 billion in net short positions, while shorts on OKX reached roughly $1.63 billion. Large short positions do not guarantee a price decline because further gains could force traders to close bearish positions.
Total Bitcoin futures open interest climbed above $56.93 billion, its highest level since May. Open interest rose more than 7% over 24 hours, including gains of almost 8% on CME and 4% on Binance.
Bitcoin Price Rally Brings $83K Into Focus
Bitcoin’s move above $75,000 has shifted attention toward the next areas of concentrated supply. Crypto analyst Ali Martinez identified $83,307 to $84,569 as the next major supply cluster, where roughly 1 million BTC previously changed hands.
Glassnode data also indicates that a group identified as high-conviction buyers has accumulated Bitcoin since January. The amount of supply purchased by this group is larger than during a comparable accumulation period in 2022.
Prediction-market positioning has moved alongside the Bitcoin rally. The probability assigned to BTC reaching $80,000 by December 31, 2026 rose to 79%.
Bhutan’s latest Bitcoin transfers remain wallet movements rather than confirmed sales. The transactions are attracting attention because they coincide with Bitcoin’s sharp recovery above $75,000 and increased trading activity across spot and derivatives markets.
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