Bhutan's Government Transfers $32M Worth of Bitcoin to a New Wallet

Bhutan's government transferred $32 million worth of Bitcoin to a new wallet today, its second crypto movement in two weeks, according to data from Arkham

Key Takeaways:

* Bhutan’s government has moved $32 million in Bitcoin to a new wallet, as reported by Arkham Intelligence. This marks the second crypto transfer by the country in two weeks.

* Last week, Druk Holdings, the government’s investment arm, transferred $63 million in Bitcoin to three separate wallets.

* Druk Holdings’ portfolio is said to include Bitcoin, Ether, LinqAI, Phil, and Apu Apustaja tokens.

* Though crypto is not legal tender in Bhutan, the country has been mining Bitcoin using hydroelectric resources since 2019.

* Earlier this year, Gelephu Mindfulness City Special Administration Region in Bhutan announced plans to add Bitcoin, Ether, and BNB to its strategic reserves as part of a broader initiative to expand the region’s digital asset ecosystem.

* This move, which will be executed through an amendment to the Application of Laws Act 2024, aims to integrate digital assets into the region’s financial strategy in a controlled manner.

* Meanwhile, crypto markets are preparing for potential volatility ahead of President Donald Trump’s “Liberation Day” tariff announcement, which will see the administration impose tariffs of 25% on all goods from a major trading nation.

* The White House has confirmed that the tariffs will take effect immediately upon announcement.

* Agne Linge, Head of Growth at WeFi, highlighted the increasing link between digital and traditional markets, rendering crypto more sensitive to macroeconomic shifts, especially when investors become more risk-averse.

* “The S&P 500 recently touched a new low for 2024, signaling the great pressure on global markets. We’re also seeing economic volatility indicators, like the 3-month Average Unsigned Rate of Change in the S&P 500 Price Index, reaching levels not seen since the 2008 financial crisis and early 2020 pandemic,” Linge noted in a statement.output: A large sum in cryptocurrency was recently moved by Bhutan.

According to crypto analytics firm Arkham Intelligence, Druk Holdings, the investment arm of Bhutan’s government, transferred 780.05 Bitcoin, now worth $32 million, to a new wallet on August 15.

This marks the second crypto transfer by the Asian country in two weeks, and fourth in the past month.

Last week, saw the movement of 1,508 Bitcoin, valued at $63 million at the time, to three separate wallets.

It is known that Druk Holdings maintains holdings of approximately 8,594 Bitcoin, which amounts to $729 million at current prices.

Apart from Bitcoin, Druk Holdings’ portfolio is said to include Ether, LinqAI, Phil, and Apu Apustaja tokens.

Crypto is not legal tender in Bhutan, but the country has been mining Bitcoin using its hydroelectric resources since 2019.

Earlier this year, Gelephu Mindfulness City Special Administration Region in Bhutan announced plans to add Bitcoin, Ether (ETH), and BNB to its strategic reserves.

The initiative, which will be executed through an amendment to the Application of Laws Act 2024, aims to integrate digital assets into the region’s financial strategy in a controlled manner while expanding the city’s digital asset ecosystem within a regulated framework.

The announcement came as part of a broader administrative restructuring in the region, overseen by Special Administrator Helen Benno.

The move is part of a broader effort by countries in Southeast Asia to engage with cryptocurrencies in a strategic capacity.

In January, crypto markets experienced a downturn as the S&P 500 touched a new low for 2024, signaling the great pressure on global markets.

Agne Linge, Head of Growth at crypto trading platform WeFi, noted that digital and traditional markets are becoming increasingly linked, rendering crypto more vulnerable to macroeconomic changes, especially when investors become more risk-averse.

“The S&P 500 recently touched a new low for 2024, signalling the great pressure on global markets. We’re also seeing economic volatility indicators, like the 3-month Average Unsigned Rate of Change in the S&P 500 Price Index, reaching levels not seen since the 2008 financial crisis and early 2020 pandemic,” Linge noted in a recent statement.

According to Linge, the S&P 500’s recent downturn to new lows serves as a strong signal that global markets are currently facing heightened levels of uncertainty.

This, in turn, is placing greater pressure on risk assets, including cryptocurrencies, as investors adjust their portfolios to navigate the increased market volatility.

As the world's oldest and most northern democracy, located in the South Asia's eastern Himalayas, Bhutan is a small country with a population