According to @lookonchain, a wallet attributed to the Royal Government of Bhutan via Arkham Intelligence’s Druk Holding & Investments label transferred 108.8 BTC worth about $12.06M on Oct 20, 2025. According to @lookonchain citing Arkham Intelligence, the address still holds 6,262 BTC valued near $694M. Based on the figures reported by @lookonchain from Arkham Intelligence, the 108.8 BTC moved equals roughly 1.7% of the reported BTC reserves. The alert did not specify the destination of the funds, according to @lookonchain.

According to Onchain Lens, the Royal Government of Bhutan transferred 355.51 BTC valued at $387.8M to newly created wallets, flagged via Arkham Intelligence’s Druk Holding & Investments entity tracking page (source: Onchain Lens on X https://twitter.com/OnchainLens/status/1971480257875279974; Arkham Intelligence https://intel.arkm.com/explorer/entity/druk-holding-investments). The Onchain Lens post did not indicate any deposits to centralized exchanges or provide a stated purpose for the move (source: Onchain Lens on X https://twitter.com/OnchainLens/status/1971480257875279974). Traders can monitor the Arkham entity page and the recipient addresses for follow-on transfers or exchange-linked tags to gauge potential market impact (source: Arkham Intelligence https://intel.arkm.com/explorer/entity/druk-holding-investments).

According to @OnchainLens, the Royal Government of Bhutan transferred 343.1 BTC (about $40.18M) to a new wallet tracked by Arkham Intelligence. Sources: https://twitter.com/OnchainLens/status/1968606314575311077, https://intel.arkm.com/explorer/entity/druk-holding-investments. @OnchainLens indicates the funds are likely headed to a centralized exchange as seen in prior activity tied to Druk Holding & Investments, so traders should monitor the cited wallet for subsequent transfers to known CEX deposit addresses. Sources: https://twitter.com/OnchainLens/status/1968606314575311077, https://intel.arkm.com/explorer/entity/druk-holding-investments, https://intel.arkm.com/explorer/address/bc1q0xxr33rj7609rjl82eqsuyveyhlqk52sg2espgvwxyy93clq07aqp29tff. A confirmed CEX deposit from this wallet would imply potential near-term sell-side supply; monitoring the Arkham address page and exchange inflow dashboards can help gauge timing and impact. Sources: https://twitter.com/OnchainLens/status/1968606314575311077, https://intel.arkm.com/explorer/address/bc1q0xxr33rj7609rjl82eqsuyveyhlqk52sg2espgvwxyy93clq07aqp29tff