The Royal Government of Bhutan deposits 367.26 BTC, worth $33.51M, into Binance; are they dumping?

Arkham’s on-chain data revealed that the Royal Government of Bhutan (Druk Holdings) deposited 367.26 BTC worth $33.51M into Binance two hours ago. The data showed that the Bhutanese government had transferred 6.954 BTC worth 634.53K to a wallet: T5CvdRzkeyi1Vj only an hour before the Binance deposit. However, the BTC was still unspent.

The on-chain data from Arkham showed that the Royal Government of Bhutan had been accumulating Bitcoin. According to data going back nearly a month, the Bhutanese government was on a BTC acquisition spree from miners Ant Pool and Foundry Digital. The data confirmed that the BTC accumulation was done in small quantities, ranging from less than 1 BTC to 10 BTC. 

The Royal Government of Bhutan transfers millions worth of BTC within the past month

Just In: The Royal Government of Bhutan has deposited 367.26 $BTC, worth $33.51M, into #Binance.

– bc1qxkwp55us387thsxj3q2wk04j6auaqsdl7dupug (365 $BTC)
– 3LbpsyosTDvq39WZmvJJAspSJmZ8uJMXf7 (2.26 $BTC) https://t.co/vPu3O4MteB pic.twitter.com/fYBLDqi2Pu

— Onchain Lens (@OnchainLens) November 14, 2024

Information shared by Onchain Lens stated that the Bhutanese government had deposited 935 BTC worth $66.55 million to Binance on October 29th. Arkham’s on-chain data revealed that the Bhutanese government resumed moving part of its BTC holdings to the Binance exchange and unknown wallets three weeks ago. 

The most recent transfer data, going back three weeks, showed that the Bhutanese government first moved 1.402 BTC worth over $94K (currently ~$128K) to a wallet: UDzRhzqLLN. The data revealed that it then moved 194.011 BTC worth $13 million between its own wallets within the same period.

Arkham’s on-chain data from two weeks ago revealed that Bhutan’s government had transferred 4.683 BTC valued at over $332K within its own wallets. The data then showed that the Royal Government of Bhutan deposited 102.782 BTC and 832.249 BTC, valued at $7.3 million and $59.24 million, respectively, to Binance, also two weeks ago. 

On-chain data reveals the Bhutan’s diversified crypto portfolio 

Arkham’s on-chain data confirmed that the Royal Government of Bhutan had diversified its crypto investments. In addition to the over 12K BTC valued at over $1 billion, the data showed that Bhutan’s holdings also included 656.039 ETH worth $2.09 million. According to Arkham’s data, Bhutan’s government also holds 1 million APU and 8.889 million KIBSHI, valued at $1.24K and $201.60. The data showed that the Bhutanese government also held 69 million BOBO worth $126. 

The other small holdings include 53.569 SAND worth $15.03, 23.505 MATIC worth $8.79, 0.006 BNB worth $3.75, 1 BIM worth $1.14, 500K INS worth $0.51 and 0.01 USDT worth $0.01. 

Over the past month, Arkham’s on-chain data showed that Bhutan’s government had acquired the 69 million BOBO valued at $78.66 from a wallet: A49FBDC4bB. The data also showed that the Bhutanese government had acquired slightly over 228 ETH through Kraken, then deposited all of it to Binance on the same day a month ago. 

According to the data, other acquisitions include the 8.889 KIBSHI worth $90.67 received from aimemecoin.eth (0x1dC) two weeks ago. The Bhutanese government bought the 1 million APU from a wallet: F2d44D10a0d0E8c only two days ago.