A wallet linked to the Royal Government of Bhutan moved 300 BTC, worth roughly $19.3 million, to a new address, reviving selloff concerns from earlier transfers. The move lands as Bitcoin tests a resistance band between $63,000 and $65,000, with on-chain data pointing to added supply pressure at current levels.
Bhutan-Linked Wallet Moves 300 Bitcoin
On-chain tracking platform Lookonchain reported that a wallet tied to the Royal Government of Bhutan transferred 300 BTC to a new wallet, with the coins valued at roughly $19.3 million at the time of the transaction. Because the destination was a new wallet rather than an exchange, the move does not confirm a sale.
Still, prior activity from the government has made the market sensitive to these transfers. In early July, Bhutan government-linked wallets had sold more than $43 million in Bitcoin, a precedent that keeps traders watching each new movement closely.
Bitcoin Faces a Resistance Battle Near $63K-$65K
The transfer arrives as Bitcoin approaches a key technical barrier, with traders watching the $63,000 to $65,000 area for a breakout or rejection. Analyst Ali Martinez flagged $63,111 as a major on-chain level in a recent post, citing Glassnode data showing that about 623,000 BTC previously changed hands near that price — a cluster that could generate selling pressure as holders reach their cost basis.
Martinez also noted that miners are booking profits, having offloaded 1,648 Bitcoin over the past ten days, which might weigh on the rally. Despite the pressure, Bitcoin has stayed near the flatline, trading at $64,768 at the time of writing. Prediction markets data also showed that Bitcoin is unlikely to visit the $60,000 mark in August.
Source: CoinGape
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