- Bhutan shifts $60M Bitcoin to Cobo after July’s $59M Binance move, signaling active and strategic reserve management.
- Mining slowdown from dry season and competition forces Bhutan to focus on strategic trading over new Bitcoin production.
- Bhutan’s 10,700+ BTC reserve remains a market force, with recent re-buys hinting at opportunistic crypto asset strategies.
Bhutan has transferred $60 million worth of Bitcoin to Cobo, sparking fresh discussions about its crypto strategy. According to Arkham, the move involved shifting the Bitcoin to Cobo’s hot wallet at an average price of $116,557.
This transaction follows another major sale in mid-July, when Bhutan moved $59.42 million worth of Bitcoin to Binance. The Himalayan nation still holds a substantial $1.26 billion Bitcoin reserve, but recent wallet activity suggests strategic repositioning.
Besides the recent $60 million shift, Arkham reported on August 6 that Bhutan had moved $59 million worth of Bitcoin to a new address. The address later tested a Binance deposit, raising speculation about potential selling intentions.
Consequently, the country’s wallet balances have dipped slightly from their peak. Additionally, the consistent daily inflows of Bitcoin into top wallets have stopped, hinting at changes in accumulation patterns.
Mining Slowdown and Seasonal Challenges
Bhutan’s Bitcoin mining operations appear to be on pause. The nation has not received rewards from the Foundry pool in nine months. Moreover, the competitive mining environment and the ongoing dry season could be impacting hydroelectric-powered operations.
Without steady water flow, energy reliability becomes uncertain. Hence, mining might remain off the table for several months.
At its peak, Bhutan held around 13,350 BTC, with the treasury making up 40% of the nation’s GDP. The country has benefited from long-term holding, selling only at favorable market peaks. However, in May, reserves dropped below 8,000 BTC before rebounding through strategic re-buys during price dips.
Active Trading Signals and Market Impact
Over the past month, Bhutan moved 650 BTC, securing $74 million in proceeds from Binance. Moreover, certain transfers indicate re-buying during lower price periods, signaling active portfolio management. These reserves are significant enough to influence short-term market movements if traded aggressively.
Currently, Bitcoin trades at $116,935, up 1.84% in 24 hours with a $66.64 billion daily trading volume. For now, Bhutan continues to hold over 10,700 BTC, positioning itself just behind North Korea’s holdings. However, its recent actions hint at a more dynamic and opportunistic approach to crypto asset management.
