The cryptocurrency market is facing increased selling pressure due to recent large Bitcoin transfers from Bhutan-linked wallets.
According to blockchain tracking data, multiple transactions involving over 1,095 BTC and exceeding $67 million in value were recorded on Saturday. The largest transfer involved nearly 365 BTC, valued at approximately $22.26 million, while other notable transactions included 188 BTC and 150 BTC, worth over $20 million combined.
Market participants linked the activity to broader concerns about Bitcoin supply pressure, particularly given Bhutan's previous accumulation of large reserves through state-backed mining operations. The country has disputed reports suggesting direct Bitcoin sales, but the latest transfers have added another factor influencing market sentiment.