Wallets tied to the Royal Government of Bhutan offloaded 700 Bitcoin worth approximately $43.75 million to Binance, according to Arkham Intelligence data. The largest single transaction involved 634 BTC, valued at roughly $39.6 million. The move comes as Bitcoin pushed past $62,000 on Saturday, contributing to a week that saw the cryptocurrency reclaim that level after trading between June 29 and July 3.
The transaction was recorded as BTC's price strengthened, with Ethereum also moving to $1,700 over the same period. The meme coin market cap swelled from $22 billion to $26 billion, reflecting broad-based gains. Bhutan's sale, however, introduces supply-side pressure that could test the sustainability of the rally.
The sale does not appear to trigger any immediate regulatory reaction from global watchdogs. However, government-linked crypto sales have historically attracted scrutiny, particularly when large sums are moved to exchanges. Under MiCA, which went live this week in Europe, such transactions from state-affiliated wallets could face enhanced transparency requirements.
Bitcoin's market dominance remains elevated as it recovers, though specific data on dominance percentage and correlation with Ethereum were not provided. The total crypto market cap has benefited from the recent upward momentum, but Bhutan's $43 million dump represents a notable sell-side event from a sovereign entity.
Some market commentators, including venture capitalist Tim Draper, have reiterated bullish long-term forecasts. Draper denied moving Bitcoin after blockchain analysts linked him to a wallet that transferred 1,000 BTC to Coinbase Prime, and he reaffirmed his $250,000 price prediction. Such sentiment contrasts with the immediate selling pressure from state-linked wallets.