According to @OnchainLens, the Royal Government of Bhutan transferred 2,011.23 BTC, valued at $229.69 million, to fresh wallets on Sep 29, 2025, signaling potential near-term liquidity movements in BTC markets, source: Onchain Lens. The coins are attributed to Druk Holding & Investments, an entity tagged to Bhutan on Arkham Intelligence’s on-chain explorer, source: Arkham Intelligence. @OnchainLens indicated the flows are likely destined for exchanges, which, if confirmed, would add supply to spot order books and historically aligns with increased sell-side pressure during exchange inflow spikes, source: Onchain Lens; Glassnode Academy.

According to @lookonchain, the Royal Government of Bhutan transferred 419.5 BTC worth $47.23M to a new wallet and still holds 9,232 BTC worth $1.04B. Source: @lookonchain on X, Sep 24, 2025, x.com/lookonchain/status/1970758391472763304 The 419.5 BTC moved equals roughly 4.5% of the reported 9,232 BTC holdings, indicating a sizable on-chain movement by a sovereign holder. Source: @lookonchain on X, Sep 24, 2025, x.com/lookonchain/status/1970758391472763304