On-chain data shows the Royal Government of Bhutan has resumed moving bitcoin after months of inactivity, transferring funds to trading firms and exchanges as market volatility ripples through crypto and traditional assets.

Data tracked by Arkham indicates that Bhutan-linked wallets shifted more than 184 BTC, worth roughly $14 million, over the past 24 hours. The activity coincided with bitcoin dropping below $71,000 amid a broader market downturn.

Some of the bitcoin was routed to newly created addresses, while other transfers went to known counterparties, including QCP Capital and a Binance hot wallet, according to Arkham. Such destinations are typically associated with trading activity, liquidity management or potential sales. CoinDesk contacted QCP Capital via Telegram for comment.

The transfers mark Bhutan’s first notable wallet activity in about three months and come during a period of heightened market stress. Bitcoin fell more than 7% in the past day, while silver slid as much as 17% and global equities weakened amid concerns that aggressive artificial intelligence spending is weighing on traditional software business models.

Bhutan has quietly built its bitcoin holdings over the past two years through state-backed mining operations powered by hydropower, making it one of the more unusual sovereign holders of the asset. Unlike corporate treasuries that openly promote accumulation strategies, Bhutan has largely managed its reserves out of public view, leaving wallet movements closely watched by traders.

The latest transfers do not necessarily indicate immediate selling. Coins were distributed across multiple destinations, including fresh wallets that could suggest internal rebalancing, collateral management or operational adjustments rather than outright liquidation.

Even so, moving bitcoin to exchanges and trading firms during a sharp market drawdown stands out against Bhutan’s otherwise extended periods of inactivity. The activity also reflects a broader trend in the current selloff, as large holders increasingly use bitcoin as a balance-sheet tool during periods of financial stress.

Corporate treasuries, miners and sovereign-linked entities appear to be adjusting positions as liquidity tightens and price volatility accelerates.