Royal Government of Bhutan moves Bitcoin worth $60 million to Cobo, supposedly to sell
The post Royal Government of Bhutan moves Bitcoin worth $60 million to Cobo, supposedly to sell appeared on BitcoinEthereumNews.com. The Royal Government of Bhutan has sent $60M in BTC to an exchange hot wallet. The probable sale arrives about a day after the country’s wallets started moving a portion of their reserves. The Royal Government of Bhutan most probably set aside $60M in BTC for sale, sending them to an exchange hot wallet. Initially, the coins were moved to a new intermediary address in two transactions. The intermediary wallet also sent out a test transaction to Binance, setting expectations for another round of selling. Later, Arkham Intelligence announced the coins were sent to a Cobo hot wallet. Cobo is an intermediary for holding coins as a trusted custodian, essentially breaking the chain of traceability for Bhutan’s BTC. Arkham Intelligence confirmed the transaction, the first significant outflow since July. CONFIRMED: Bhutan has moved $60M BTC to Cobo. The Bitcoin was moved to Cobo Hot Wallet at an average price of $116,557. Bhutan last sold Bitcoin from 10th-14th July, when they moved $59.42M BTC to Binance. Bhutan is still holding $1.26 BILLION BTC and has not moved anything… https://t.co/yNSIdA6Ypk pic.twitter.com/pfmK6TdAfI — Arkham (@arkham) August 7, 2025 Previously, the Royal Government of Bhutan sent out funds directly to Binance. The country still sits on around $1.26B in BTC, spread across several known wallets. The government sold just as BTC was recovering above $116,000 once again, extending its short-term gains. Bhutan’s move is seen as a gauge of highly visible whales and their readiness to hold. The sales came at a time when corporate treasuries were buying up BTC, while some short-term traders still realized gains at the top of the market. Is Bhutan still mining BTC? The balance of all of Bhutan’s wallets has declined slightly from its peak. However, the top wallets no longer show the regular daily inflows of BTC.…
The post Royal Government of Bhutan moves Bitcoin worth $60 million to Cobo, supposedly to sell appeared on BitcoinEthereumNews.com.
The Royal Government of Bhutan has sent $60M in BTC to an exchange hot wallet. The probable sale arrives about a day after the country’s wallets started moving a portion of their reserves. The Royal Government of Bhutan most probably set aside $60M in BTC for sale, sending them to an exchange hot wallet. Initially, the coins were moved to a new intermediary address in two transactions. The intermediary wallet also sent out a test transaction to Binance, setting expectations for another round of selling. Later, Arkham Intelligence announced the coins were sent to a Cobo hot wallet. Cobo is an intermediary for holding coins as a trusted custodian, essentially breaking the chain of traceability for Bhutan’s BTC. Arkham Intelligence confirmed the transaction, the first significant outflow since July. CONFIRMED: Bhutan has moved $60M BTC to Cobo. The Bitcoin was moved to Cobo Hot Wallet at an average price of $116,557. Bhutan last sold Bitcoin from 10th-14th July, when they moved $59.42M BTC to Binance. Bhutan is still holding $1.26 BILLION BTC and has not moved anything… https://t.co/yNSIdA6Ypk pic.twitter.com/pfmK6TdAfI — Arkham (@arkham) August 7, 2025 Previously, the Royal Government of Bhutan sent out funds directly to Binance. The country still sits on around $1.26B in BTC, spread across several known wallets. The government sold just as BTC was recovering above $116,000 once again, extending its short-term gains. Bhutan’s move is seen as a gauge of highly visible whales and their readiness to hold. The sales came at a time when corporate treasuries were buying up BTC, while some short-term traders still realized gains at the top of the market. Is Bhutan still mining BTC? The balance of all of Bhutan’s wallets has declined slightly from its peak. However, the top wallets no longer show the regular daily inflows of BTC.…
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