Bhutan Govt. Dumps $67M In Bitcoin As BTC Risks Crash To $48K

Bitcoin could be heading toward lows around $48,000 amid massive on-chain transactions. Today, Bitcoin wallets associated with Bhutan have moved over $67 million worth of BTC in the last 24 hours. A sovereign government selling seized Bitcoin is hardly a shocker at this point, though the size of the dump still deserves a closer look.

Bhutan Government Dumps Massive Bitcoin Stack

According to blockchain data from Arkham Intelligence, the Bhutan government offloaded BTC across several transfers today. The largest single move was 364.984 BTC worth around $22.26 million. Other notable transfers included 188.558 BTC worth $11.47 million and 150.458 BTC valued at $9.14 million. In addition, it moved 109.82 BTC worth around $6.67 million. Additional transfers on the snapshots consisted of 80.31 BTC, valued at nearly $5 million, alongside a few smaller transfers ranging from 20 BTC down to 1 BTC. In total, the recognizable transfers amounted to approximately 1,095 BTC. This stash is worth over $67 million at current market rates. The government of Bhutan has sold over $1 billion in Bitcoin it seized via crypto crackdown operations, per Arkham. On the contrary, Bhutan officials have previously denied selling any BTC.

What's Next For BTC Price?

The Bhutan government's transactions came during a time of renewed volatility in the crypto market. Today, Bitcoin continued its downtrend amid ongoing macroeconomic uncertainty and an overall risk-off tone in global markets. The BTC price dropped as low as $59,100 on Friday after unfavorable U.S. jobs data. Since then, Bitcoin has rebounded slightly, holding above $61,000. (BTC price chart analysis. Source: Michaël van de Poppe | X)

However, crypto analyst Michaël van de Poppe hinted at a continuation of the downtrend. On X, he wrote, "The daily RSI on #Bitcoin has also reached the lowest level since the COVID-19 crash. It might even drop lower than that. That's how heavy this capitulation currently is." Currently, the BTC price is holding above the $60,000 support level. However, if Bitcoin breaks it again, it could go all the way down to $55,000 and even lower, as the next support zone sits between $50,000 and $54,000. Polymarket traders predict a whopping 82% chance of BTC plunging to the $55,000 level. Things get even trickier here, though. According to analyst Ted Pillows, Bitcoin could break down below $50,000 in the near-term, which is somewhat similar to Bitget CEO Gracy Chen's expectations. I'm seein