US government Bitcoin transfer raises fears of Bhutan’s selling spree

On-chain data tracked by Arkham shows the US government moved 8.196 BTC (about $606,470) to Coinbase Prime, tied to the 2016 Bitfinex hack case involving Ilya Lichtenstein. Traders are watching this as a potential signal in the ongoing “Bhutan’s Bitcoin selling spree” narrative, because exchange-linked transfers often precede selling. The move also comes amid growing sovereign-collector activity. Bhutan has reportedly transferred about 3,247 BTC this year (roughly $240.4m). In the last 24 hours alone, it reportedly moved around 250 BTC (about $18.47m) in multiple batches to new wallet addresses, keeping attention on whether sovereign holders are becoming more active sellers in 2026. This “Bhutan’s Bitcoin selling spree” comparison is largely timing-driven. Crucially, the article notes the US transfer is not necessarily an open-market sale. US federal proceedings completed in early 2025 required Bitfinex-related BTC to be returned in kind to Bitfinex rather than sold and sent to the Treasury. Bitfinex said it plans to use returned BTC to redeem Recovery Right Tokens and to allocate at least 80% of remaining net proceeds to repurchase and burn UNUS SED LEO (LEO). Meanwhile, other supply-side signals remain under watch: large wallets (>100 BTC) reportedly increased exchange transfers, and miner reserves (CryptoQuant) fell by about 61,000 BTC to around 1.801m BTC. Verified miner sales cited include 4,026 BTC from Riot, 13,210 BTC from Marathon, and 1,992 BTC from Core Scientific. Despite this, BTC price was reported around $75,611, up ~1.09% intraday, supported by a 10-day ceasefire headline.