Key Takeaways
What Happens to Bhutan’s BTC Stack?
Bhutan’s state investment arm, Druk Holdings, transferred $13 million worth of Bitcoin to a new wallet on October 20.
Why is the move important?
The move follows BTC transfers in August and September, both of which were later linked to exchange addresses.
Bhutan’s Royal Government has once again sparked speculation in the crypto markets after moving $13 million worth of Bitcoin.
According to data from Arkham Intelligence, the country’s fifth-largest BTC holder moved some of its BTC to a new wallet on October 20.
Bhutan transfers $13 million Bitcoin
Arkham data shows that Bhutan’s state investment arm, Druk Holdings, transferred 12.89 BTC ($1.43 million) in multiple transactions for a total of approximately $13 million.
The new destination address uses a different wallet structure than the previous one. This move signals a possible realignment of treasury activities.
Source:
This move follows similar high-quality transactions in recent months. In August, Bhutan moved $59 million worth of BTC, followed by another $109 million worth of BTC in September.
Both moves were later traced to exchange-linked addresses, including Cobo and Binance, which often precede selloffs.
Bhutan’s Bitcoin holdings currently stand at 6,262 BTC, valued at around $700 million, alongside smaller allocations in ETH, LNQ and PHIL tokens, Arkham said.
The country’s portfolio, managed by Druk Holdings and Investments (DHI), has grown by more than 2.5% this week alone.
Where Bhutan ranks among countries that own Bitcoin
Although Bhutan’s stack is relatively modest, the country is among the top sovereign holders of Bitcoin. The country currently ranks fifth, next to much larger economies such as the United States, China and the United Kingdom.
Source: Bitbo
Recent data from Bitbo shows that the US and China top the list with over 200,000 BTC each, followed by the UK and Ukraine.
Bhutan’s position, ahead of El Salvador and Finland, underlines how even smaller economies are integrating Bitcoin into their national investment strategies.
CZ predicts: ‘Bitcoin will turn gold’
Adding to the debate, Binance founder Changpeng “CZ” Zhao reignited the Bitcoin-gold rivalry with a bold claim to X [formerly Twitter]:
“Prediction: Bitcoin will become gold. I don’t know exactly when. It might take a while, but it will happen. Save the tweet.”
At the time of his post, Bitcoin ranked eighth globally by asset value, with a market capitalization of $2.21 trillion. It is just behind Amazon and ahead of Meta Platforms.
In contrast, gold’s market cap remains unprecedented at $29.67 trillion, highlighting how far Bitcoin still has to go to fulfill that prophecy.
The divergent paths of Bitcoin and gold
According to data from New hedgeBitcoin and gold have historically shared a fluctuating correlation.
Over the past year, that relationship has weakened. The price of gold recently reached new highs above $4,200 per ounce, while Bitcoin retreated from its peak of $125,000 to around $111,000.
Despite the differences, both assets continue to attract investors seeking protection against inflation and global uncertainty. However, critics such as gold advocate Peter Schiff claim that the tide has turned.
Whether Bhutan’s latest transfer represents another sell-off or a simple restructuring, it fits into a larger pattern of institutional and sovereign activity shaping Bitcoin’s trajectory.
As national government bonds quietly accumulate and occasionally discharge Bitcoin, it continues to challenge gold’s dominance, and the global narrative is shifting.