The Royal Bhutan government again moved a massive batch of Bitcoin, sparking talk across the crypto market.
The 800 BTC, worth around $92 million, was shifted to two new wallets on August 18, 2025. The move added to a series of deals that took place earlier this month, spurring speculation about whether the Himalayas are preparing to sell.
Third deal this month
This is not the first time Bhutan has attracted attention in August. On August 5, the government moved 517 BTC to an unknown address.
Just two days later, on August 7th, another batch was tracked by the Cobo Hot Wallet with an average price of $116,557.
The Royal Government of Bhutan has relocated 799.69 $ BTCworth $92.06 million, it is likely to accumulate in CEX on two new wallets (#binance).https://t.co/q4dw3qjbt5 pic.twitter.com/BRVM3O90UI
– On-chain lens (@onchainlens) August 18, 2025
The report confirmed that these coins are heading for sale and that Kobo is acting as the manager of Bitcoin Holdings in Bhutan.
In its latest update, blockchain analytics firm Arkham confirmed the movement of 799.69 BTC, highlighting that this is the third major deal from Bhutan this month.
Bitcoin price pressure
The timing is because Bitcoin has struggled to maintain its recent highs. The token reached a record $124,500 on August 14, 2025, then returned to $115,300.
Data shows a 2.30% decrease in 24 hours, almost 5% in a week. Platforms like Onchain Lens have suggested that Bhutan’s latest relocation could be linked to Binance, but there were no official words from Bhutan authorities.
Marketwatchers say such transfers often suggest possible sales, but they could also be part of wallet restructuring and custody changes.
BTCUSD trading at $115,489 on the 24-hour chart: TradingView
Bhutan location between top holders
Despite these moves, Bhutan remains one of Bitcoin’s biggest national owners. Current estimates are around $1.15 billion worth of reserves to around 9,969 BTC.
These kinds of numbers make Bhutan the sixth largest owner in the world, with the US with 198,000 BTC, China with 190,000 BTC, UK with 61,240 BTC, Ukraine with 46,350 BTC, and North Korea with 13,560 BTC.
Unlike other countries that built stacks primarily from seizures, Bhutan’s holdings return to mining.
For now, repeated transfers leave market speculation. Some traders see it as a sign of Bitcoin’s latest peak profit acquisition.
Others say it may just be about custody adjustments. Without confirmation from Bhutan, the reasons behind the movement remain uncertain.
Meta featured images, TradingView chart
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