According to on-chain data platform Arkham, a Bhutanese wallet transferred 533 bitcoins to Binance on June 17, equivalent to approximately $34.5 million at the time. At the time of the transfer, bitcoin had fallen below $65,000, and the market was also facing outflows from spot ETFs, raising concerns about short-term supply changes.
Multiple transfers flowing to the same address
These transfers originated from a wallet identified as belonging to Druk Holding & Investments, a Bhutanese state-owned investment institution. The largest single transaction was 227.194 bitcoins, worth approximately $14.7 million; another was 48.228 bitcoins, worth approximately $3.1 million. The remaining funds were transferred in smaller batches to the same deposit address.
AMBCrypto noted that Bhutan also transferred 90 bitcoins, worth approximately $7 million at the time, to a SegWit address in May. These continuous transfers have kept the market focused on changes in its bitcoin holdings.
Positions have fallen significantly from their highs.
According to the reported data, after this transfer, the Bhutan wallet still holds 1749.96 bitcoins. Compared to the peak of approximately 13,000 bitcoins in October 2024, the current balance has decreased by approximately 11,250 bitcoins.
The report also stated that the government-related wallet was worth approximately $113.7 million, including about 1,034 Ethereum coins, worth about $1,820, in addition to Bitcoin.
- This transfer to Binance: 533 BTC
- The amount transferred was approximately US$34.5 million.
- Remaining Bitcoin holdings: 1749.96 BTC
The market is more focused on short-term selling pressure.
Transfers of cryptocurrency from government addresses to exchanges are typically interpreted by the market as a potential signal of selling pressure. However, considering the daily trading volume of Bitcoin, 533 Bitcoins is not a large amount, and the direct impact is relatively limited.
The article mentions that similar transfers have occurred in the past with the German and US governments, as well as with Mt. Gox-related wallets. These transfers often cause short-term fluctuations initially, but the actual impact may not be as significant as the market initially feared. More than a single transfer, the market is more concerned about whether there will be continued selling afterward.
As of the time of this report, Bitcoin was trading at $64,228.89, down 1.96% in the last 24 hours. Meanwhile, the Bitcoin ETF saw a net outflow of $82.2 million. Against the backdrop of weakening prices and capital outflows, this transfer further amplified the market's sensitivity to short-term supply increases.
Additional information:According to Bitcoin Treasuries, Bhutan is currently the world's seventh largest sovereign holder of Bitcoin, following the United States, China, the United Kingdom, Ukraine, El Salvador, and the United Arab Emirates.
