Bhutan moved $45.2m of bitcoin out of reserves in two days

Bhutan shifted 123.7 BTC ($8.5m) to an unknown address, per Lookonchain.

On March 27 Bhutan’s government transferred another 123.7 BTC worth $8.5m to an unknown address, according to Lookonchain.

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).https://t.co/hiNf1ySQhU pic.twitter.com/0k4VkFoM3M

— Lookonchain (@lookonchain) March 27, 2026

In the past two days, the authorities have sent 643 BTC worth $45.2m to external wallets.

After these transactions, the country holds 4,329 BTC, valued at $287.7m at current prices. Bhutan ranks seventh worldwide by bitcoin reserves. The assets are managed by the sovereign fund Druk Holding and Investments.

The reason and purpose of the transfers are unknown. Since the start of the year the kingdom has moved more than $150m, typically in tranches of $5m–10m.

The most recent sizeable moves were recorded on March 17–18 and March 25.

Since 2019 the state has accumulated bitcoin via mining powered by cheap hydropower. Earlier, Arkham’s specialists suggested the kingdom may have halted mining because of declining profitability.

Ethereum whale stirs after a 10-year “slumber”

Lookonchain also flagged activity by an investor who bought 38,800 ETH at an average price of $0.31 per coin in 2016 during the ICO.

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.https://t.co/DtIKN4mEpLhttps://t.co/jD80KlqcvB pic.twitter.com/I08Lce3VEq

— Lookonchain (@lookonchain) March 27, 2026

On March 27 the whale transferred 18,500 ETH worth $38.1m to another address, then sold 11,552 ETH for $23.4m at $2,027.

A few days earlier another participant from Ethereum’s token-sale era “woke up” and sold 15,002 ETH for $31m.

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.https://t.co/RoESAs76xF pic.twitter.com/wZ4PdUGWwt

— Lookonchain (@lookonchain) March 23, 2026

At the time of writing, the second-largest cryptocurrency trades around $2,000. Over the past 24 hours the price is down 3.7%.

Bitcoin holders are accumulating

Large investors continue to accumulate bitcoin despite macroeconomic uncertainty. Over the past month they increased their holdings by 0.45%. Santiment’s analysts called this “a promising sign” ahead of a potential breakout from the narrow trading range.

🐳📈 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.

🤑 Besides the current macroeconomic… pic.twitter.com/YDbRYNYH85

— Santiment (@santimentfeed) March 26, 2026

In the past month, whales and “sharks”—wallets holding 10 to 10,000 BTC—bought 61,568 coins. Small addresses (less than 0.01 BTC) added 213 BTC (+0.42%) over the same period.

“Ideally, range-bound trading ends with an upside breakout when large wallets accumulate and retail sells. Historically, this is a very reliable signal for the start of bull phases,” the experts noted.

On March 25, the analyst known as Darkfost recorded large withdrawals from crypto exchanges.