Bhutan Bitcoin Transfer of 800 BTC Sparks Sell Fears
Bhutan executed a major Bitcoin transfer on August 18, moving 799.69 BTC (≈$92 million) into two new wallets. This marks the third significant Bitcoin transfer in mid-August, following 517 BTC on August 5 and another batch to Cobo custody on August 7. Blockchain analytics firm Arkham suggests these Bitcoin transfers may head to a centralized exchange, likely Binance. The news comes as Bitcoin’s price slipped from a mid-August peak of $124,500 to around $115,300, fueling sell-pressure speculation. Bhutan, now the world’s sixth-largest sovereign BTC holder with about 9,969 BTC (≈$1.15 billion), has not confirmed any sell-off. Traders should monitor on-chain data and exchange inflows to distinguish potential profit-taking from routine custody restructuring.
Bearish
The series of large Bitcoin transfers from Bhutan, especially into new wallets that analytics firm Arkham flags as likely destined for centralized exchanges, suggests potential profit-taking by a major sovereign holder. Historically, spikes in on-chain flows to exchanges precede sell-offs, increasing short-term sell pressure on Bitcoin. Although these moves could be custodian or wallet restructurings, the timing amid a price dip reinforces bearish sentiment. Traders should watch exchange inflows and on-chain metrics; if further BTC arrives on exchanges, it may accelerate downward momentum. In the long run, selling pressure may stabilize, but the immediate outlook is bearish.