Hupzy (Spot On Chain)|Sep 02, 2026 12:53
Bhutan's government moved ๐ฐ๐ฌ๐ฌ ๐๐ง๐ ($30.62M) out of its holdings โ another tranche in a sustained offloading pattern visible on-chain.
๐๐๐ฝ๐๐ ๐๐ฎ๐ธ๐ฒ: A sovereign repeatedly transferring out BTC is ๐๐๐ฟ๐๐ฐ๐๐๐ฟ๐ฎ๐น ๐๐ฒ๐น๐น๐ถ๐ป๐ด, not one-off rebalancing. Each tranche forces the market to absorb incremental supply. Watch whether the destination is an exchange (confirmed sell) or self-custody (ambiguous). If Bhutan accelerates, it compounds BTC supply pressure alongside other known sovereign sellers.
Arkham: https://arkm.com/explorer/entity/druk-holding-investments
source: lookonchain
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