The Royal Government of Bhutan has made another sizable Bitcoin (BTC) deposit to Binance, raising further speculation about a potential offloading in the near future.
According to data provided by Arkham Intelligence, the Bhutanese government deposited 100.215 BTC, worth $11.83 million in total, on July 11.
The deposit comes in the wake of another monster move, as $23.1 million worth of BTC was already deposited from the same wallet on July 10.
Earlier in 2025, Bhutan’s on-chain activity was minimal, limited to tiny transactions of around 0.0001 BTC.
However, the country picked up the pace in June, and the scale of these new movements appears to signal a major shift in the country’s crypto operations.
Bhutan’s crypto moves
Although Bhutanese authorities have made no official statement, large-scale moves such as these are often associated with selling intentions.
If a large sale does follow, Bitcoin could face short-term volatility, especially if the sale is conducted in the open market rather than over-the-counter (OTC).
Bhutan’s involvement in crypto is far from sudden, as the country has been mining Bitcoin using its hydroelectric power for a while now, partnering with firms like Bitdeer to scale up its operations.
However, the latest moves could be an early sign of a broader transformation, one that will see crypto as a legitimate part of governmental financial strategies.
The country still holds around $1.37 billion in Bitcoin reserves, as per the data provided by Arkham Intelligence, meaning it stands out as one of the most prominent state-level crypto investors.
Bitcoin price impact
At press time, Bitcoin was trading at $118,090, up 6.29% in the past 24 hours.
The soar past the $118,000 mark was likely caused by $1.2 billion in spot exchange-traded fund (ETF) inflows on July 10, with BlackRock alone being responsible for $448.5 million.
Some $678 million worth of BTC has also been liquidated within 24 hours, creating a lot of buy pressure.
The next resistance zone is projected at $121,592 according to CoinMarketCap, based on the 127.2% Fibonacci extension.
Featured image via Shutterstock
