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, wallets attributed to the Royal Government of Bhutan transferred 913 BTC valued at about $107 million to two new addresses on Sept 18, 2025, based on Arkham Intelligence on-chain entity labels for Druk Holding Investments. According to @lookonchain, the tagged entity still holds 9,652 BTC valued at roughly $1.13 billion per Arkham Intelligence data. According to @lookonchain, the movement was to two newly created wallets rather than known exchange deposit addresses, referencing Arkham Intelligence’s entity explorer for Druk Holding Investments.