I just saw on Onchain Lens that the government of Bhutan moved a significant volume again, 319.7 BTC to be exact. That’s almost $22.67 million at the current price.

The interesting part is that they split the transfer into two wallets: one that looks new (probably pointing to an exchange) and another that they had used before for similar operations, the same one connected to Galaxy Digital. Basically, the usual pattern when they prepare a sale.

This isn’t the first time Bhutan has made these moves. Every time you see this on-chain, it generally means they’re ready to liquidate. The market is already quite active, so we’ll see if this puts pressure in the coming days.