Bitcoin smashed through its previous ATHs this week, hitting $118,800. Sounds like a party, right?
Bhutan Transfers $74M in Bitcoin to Binance as BTC Hits Record High
The Royal Government of Bhutan moved 99.47 Bitcoin (BTC) to Binance on July 14, according to Onchain Lens. The transaction was worth $12.05 million at the time. It came from the government’s investment arm, Druk Holding and Investments.
This transfer brought the total sent from Bhutan to Binance over the past two weeks to 650 BTC, worth $74.24 million. Blockchain data from Arkham Intelligence shows the first transfer occurred on June 30, when 137.24 BTC left the wallet. At the time, Bitcoin traded near $107,000, and the transaction was valued at $14.7 million.
Bhutan’s government continued sending BTC to Binance daily. Transaction sizes ranged between 2 BTC and 200 BTC. The latest transfer took place shortly after Bitcoin passed $120,000 for the first time.
Bitcoin Reaches $122,565 as Trading Volume Confirms Market Activity
Bitcoin reached a new all-time high of $122,565 on July 14. Data from TradingView shows BTC opened at $119,140 and peaked at $123,236 before stabilizing. The daily gain stood at 2.88%. On the Bitstamp exchange, trading volume hit 672 BTC, indicating strong participation during the rally.
At the time of Bhutan’s latest transfer, Bitcoin traded near $122,300. The price had increased by more than 14% since late June. Analysts linked the rally to higher institutional inflows, increased demand from ETFs, and expectations around upcoming U.S. crypto legislation.
Despite regular transfers, Druk Holding continues to manage a large Bitcoin treasury. According to Arkham Intelligence, Bhutan holds 11,411 BTC, valued at around $1.4 billion. It also holds 656 Ether (ETH), worth roughly $2 million.
Bhutan Continues Crypto Activities Through Druk Holding
Bhutan has integrated crypto into its economic strategy through state-backed efforts. Under the current leadership of King Jigme Khesar Namgyel Wangchuck, the country has established hydro-powered Bitcoin mining sites and maintains a national crypto reserve.
In May 2025, Bhutan partnered with Binance to support crypto-based payments in the tourism sector. The initiative aimed to offer digital payment solutions to international visitors. However, limited internet access in rural areas has created delays in full-scale deployment.
While Cointelegraph contacted Bhutan’s government for a statement on the recent Bitcoin transfers, no response has been issued so far. Binance has also not commented publicly.
Bhutan’s Transfers Follow Bitcoin Price Surge
Bhutan’s first recorded BTC transfer in the current series occurred on June 30, when it moved 137.24 BTC to Binance. Bitcoin’s price stood at $107,000, making the transaction worth $14.7 million. Since then, daily transfers continued with varying amounts.
The government wallet remained inactive in the weeks before June 30. Its renewed activity came as Bitcoin broke through historical resistance levels. The largest single-day transfer recorded was 200 BTC.
At current market prices, Bhutan’s Bitcoin balance still places it among the largest state-level holders globally. The government continues using Binance for its transfers, with all recorded movements visible on-chain.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
Bitcoin Breaks $120K: Institutional Tailwinds Fuel the Next Leg Up
Bitcoin’s breach of $120,000 narrates its latest chapter in a story that’s gone from game money to Wall Street favorite.
With over $2.5 billion in weekly spot ETF inflows and heavyweight firms like MicroStrategy doubling down, this rally has strong institutional legs.
The macro backdrop adds fuel to the fire with expectations of Fed rate cuts in September and a weakening US dollar, now 6.5 points below its 200-day DXY average, directing towards Bitcoin’s bullish momentum.
The road to $150,000 by Q3 looks increasingly plausible, powered by supply scarcity and mounting institutional demand. Still, this isn’t a one-way street.
Profit-taking, rate speculation, and geopolitical risks could spark a short-term pullback, potentially dragging BTC into a $105,000–$115,000 consolidation zone.
Traders should keep a close eye on ETF flows and policy developments because in this cycle, regulation and sentiment may prove just as important as halving math.
Ryan Lee, Chief Analyst at Bitget Research
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
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