Is the Bhutan Govt. Dumping Bitcoin at Its Peak Price?

Is the Bhutan Govt. Dumping Bitcoin at Its Peak Price?

Coinciding with Bitcoin‘s all-time high of 118,667 1.1% Jul 11, 2025 (about 8 hours), the Government of Bhutan sold 213 BTC from its Binance holdings, fueling suspicion of a sell-off. On-chain data shows that Bhutan has been steadily moving BTC over the last two weeks. Despite this, Bitcoin is showing amazing strength, entering a new price discovery zone, with analysts predicting a spike to $120,000.

Bhutan Moves Bitcoin Amid New Highs

Today, amid the greater crypto market rise, the Royal Government of Bhutan moved 213.5 BTC to a Binance account, totaling $23.73 million. This is the second week in a row that Bitcoin has moved on the exchange, according to blockchain analytics company Arkham Analytics. Today’s move comes as the BTC price hits new highs amid strong upward momentum.

Analysts React to the Transaction

Analysts are divided on the transactions, with some seeing them as a combination of profit-taking at BTC all-time highs and preparations to support impending local blockchain efforts.

Bhutan’s Bitcoin Holdings and Influence

Bhutan is one of the most notable state-level players in the cryptocurrency field, with a Bitcoin treasury worth over $1 billion. Its BTC holdings are also comparable to multinational heavyweights such as Metaplanet and Tesla. Interestingly, the Asian country has more Bitcoin reserves than El Salvador.

Why Long-Term Holder Actions Matter

Investors need to keep a close eye on long-term holders’ actions when Bitcoin enters the price discovery zone to predict the next direction of movement.

According to Bitsgap, which cited CryptoQuant data, “Long-term holders (LTHs) often start earning gains when their ROI surpasses 300%. Their average return at the moment is more than 215%.”

As seen in the graphic above, we are now between measured profit-taking and the risk of a larger long-term holder (LTH) sell-off. As LTH ROI approaches 300% historical data, there is a considerable possibility of a market correction.

Bitcoin’s Price Surge and Political Factors

With strong optimistic sentiment and $60 billion in trading volume, the Bitcoin price reached new all-time highs of $112,000 earlier today. Today’s rise comes as crypto industry veterans Brad Garlinghouse and Brian Armstrong campaign for the crypto market structure law, also known as the CLARITY Act.

Furthermore, President Donald Trump is pressing for a 300 basis point Fed rate decrease, which might be the highest in US history and result in a significant capital injection, pushing prices even higher.

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