Bhutan Moves $45.2M in Bitcoin in Two Days, Ethereum ICO Whales Sell, BTC Holders Accumulate

The Royal Government of Bhutan moved 643 BTC — worth $45.2 million — to external addresses over just two days, with the latest transfer of 123.7 BTC ($8.5M) recorded on March 27. At the same time, early Ethereum holders began cashing out, while large Bitcoin wallets continued building their positions.

Bhutan Drains Bitcoin Reserves

On-chain analytics platform Lookonchain flagged another outflow from Bhutan's sovereign reserves on March 27: 123.7 BTC valued at $8.5 million moved to an unknown address.

«The Royal Government of Bhutan transferred out another 123.7 $BTC ($8.5M) 2 hours ago. In the past 2 days, #Bhutan has transferred out a total of 643 $BTC ($45.24M).» — Lookonchain (@lookonchain), March 27, 2026

Bhutan's Bitcoin transactions as tracked by Arkham and Lookonchain

Following these transactions, Bhutan's remaining balance stands at 4,329 BTC, currently valued at approximately $287.7 million. The country ranks seventh globally among sovereign Bitcoin holders. The assets are managed by the state-owned fund Druk Holding and Investments.

The purpose of the outflows has not been disclosed. Since the start of 2026, the kingdom has moved over $150 million worth of Bitcoin in recurring tranches of $5–10 million. Recent notable transactions were recorded on March 17, 18, and 25.

Bhutan began accumulating Bitcoin through mining on cheap hydroelectric power back in 2019. Analysts at Arkham previously suggested the kingdom may have scaled back mining operations due to declining profitability.

Ethereum ICO Participants Exit After Years of Dormancy

Lookonchain also flagged significant activity from an early Ethereum investor on March 27. An ICO participant who bought 38,800 ETH for just $12,000 at $0.31 per token in 2016 transferred 18,500 ETH ($38.1M) to another address, then sold 11,552 ETH at $2,027 — netting $23.4 million.

«An Ethereum ICO participant (0xd64A) sold 11,552 $ETH ($23.42M) at $2,027 in the past 1 hour. This OG invested $12K in the Ethereum ICO to buy 38,800 $ETH ($79.54M now) at $0.31.» — Lookonchain (@lookonchain), March 27, 2026

Days earlier, on March 23, another long-dormant Ethereum OG sold 15,002 ETH for $31 million. That address originally received 172,700 ETH a decade ago — worth $2.2 million then, and approximately $356 million today.

«An #EthereumOG (0xa2F6) just sold 15,002 $ETH ($30.97M)! This OG previously received 172,700 $ETH 10 years ago (worth $2.2M at the time, now $356M) at a price of $12.83.» — Lookonchain (@lookonchain), March 23, 2026

ETH/USDT hourly chart on Binance. Source: TradingView

Ethereum is currently trading near $2,000, down 3.7% over the past 24 hours.

Why This Matters

The combination of sovereign Bitcoin outflows, profit-taking by early Ethereum holders, and growing accumulation by large BTC wallets reflects a divided market. State-level selling and OG exits add short-term pressure, while whale accumulation in Bitcoin signals potential confidence in a longer-term breakout — a pattern that has historically preceded bull runs.

Bitcoin Whales Keep Stacking

Despite ongoing macroeconomic uncertainty, large Bitcoin holders are adding to their positions. According to Santiment, wallets holding between 10 and 10,000 BTC — described as whales and sharks — accumulated 61,568 BTC over the past month, growing their holdings by 0.45%.

«Despite dipping to $68.1K today, Bitcoin's key stakeholders are accumulating. Whales and sharks with 10-10K $BTC have accumulated 61,568 BTC (+0.45%) in the past month, which is a promising sign of an eventual breakout from this range.» — Santiment (@santimentfeed), March 26, 2026

Smaller addresses with balances under 0.01 BTC added 213 BTC (+0.42%) over the same period. Santiment analysts describe the current setup — whales accumulating while retail sells — as historically one of the most reliable precursors to bullish phases, with a range breakout to the upside as the ideal outcome.