With its most recent transfer of 300 Bitcoin, the Royal Government of Bhutan has once again generated debate among market players. Despite the fact that the transfer was conducted to a fresh wallet, given the experiences of previous instances, it has stoked rumours of a possible Bitcoin selloff.
For background, the Bhutanese government has recently been selling off its Bitcoin holdings. Additionally, it occurs at a time when the price of Bitcoin (BTC) seems to be aiming for the $65,000 barrier.
The Royal Government of Bhutan keeps selling $BTC.
It transferred another 300 $BTC($19.28M) to a new wallet 2 hours ago.https://t.co/NTtuYsnTcS pic.twitter.com/iHhsvqtqi4
— Lookonchain (@lookonchain) August 18, 2026
Crypto traders have taken notice of the Royal Government of Bhutan’s most recent Bitcoin transaction. platform for on-chain tracking According to Lookonchain, 300 BTC was moved from a wallet associated with the Royal Government of Bhutan. At the time of the deal, the coins were worth around $19.3 million.
In the meanwhile, a new wallet was the destination. This information makes it challenging to categorize the transaction right away, and a wallet transfer does not prove that Bhutan sold the Bitcoin.
But prior government-related movements have made the market more sensitive to these kinds of transactions. Additionally, accounts connected to the Bhutanese government sold almost $43 million worth of Bitcoin in early July.
The shift to Bhutan occurs as the price of Bitcoin (BTC) gets closer to a significant technical barrier. Interestingly, traders are keeping an eye out for indications of a breakout or rejection in the region between $63,000 and $65,000.
In the meantime, researcher Ali Martinez identified $63,111 as a significant on-chain level in a recent X article. About 623,000 BTC have previously changed hands close to that price, according to Glassnode-based statistics, which might lead to selling pressure as holders approach their cost basis.
Martinez also pointed out that Bitcoin miners are recording gains, which might potentially stifle the eagerly awaited increase in the asset’s value. His investigation shows that throughout the last 10 days, the miners have sold approximately 1,648 Bitcoin.
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