On March 27, the government of Bhutan transferred another 123.7 BTC worth $8.5 million to an unknown address, as noted by analysts at Lookonchain.
The Royal Government of Bhutan transferred out another 123.7 $BTC ($8.5M) 2 hours ago.
— Lookonchain (@lookonchain) March 27, 2026
In the past 2 days, #Bhutan has transferred out a total of 643 $BTC ($45.24M).https://t.co/hiNf1ySQhU pic.twitter.com/0k4VkFoM3M
In total, the authorities have sent 643 BTC valued at $45.2 million to external wallets over the past two days.
After these transactions, the country retains a balance of 4,329 BTC, currently valued at $287.7 million. Bhutan ranks seventh globally in terms of reserves in digital gold, managed by the sovereign fund Druk Holding and Investments.
Source: Arkham.The reasons and objectives behind these transfers remain unclear. Since the beginning of the year, the kingdom has moved assets totaling over $150 million, sending funds in regular tranches of $5-10 million.
Recent significant transactions were recorded on March 17 and 18 and March 25.
Since 2019, the state has been accumulating bitcoins through mining powered by cheap hydroelectric energy. Previously, Arkham analysts suggested that the kingdom might have ceased mining digital assets due to declining profitability.
Ethereum Whale Awakens After 10 Years of Dormancy
Meanwhile, Lookonchain highlighted the activity of an investor who purchased 38,800 ETH at an average price of $0.31 per coin during the ICO in 2016.
An Ethereum ICO participant (0xd64A) sold 11,552 $ETH ($23.42M) at $2,027 in the past 1 hour.
— Lookonchain (@lookonchain) March 27, 2026
This OG invested $12K in the Ethereum ICO to buy 38,800 $ETH ($79.54M now) at $0.31.https://t.co/DtIKN4mEpLhttps://t.co/jD80KlqcvB pic.twitter.com/I08Lce3VEq
On March 27, the whale transferred 18,500 ETH worth $38.1 million to another address and then sold 11,552 ETH for $23.4 million at $2,027.
A few days prior, another participant from the Ethereum ICO sold 15,002 ETH for $31 million.
An #EthereumOG (0xa2F6) just sold 15,002 $ETH ($30.97M)!
— Lookonchain (@lookonchain) March 23, 2026
This OG previously received 172,700 $ETH 10 years ago (worth $2.2M at the time, now $356M) at a price of $12.83.https://t.co/RoESAs76xF pic.twitter.com/wZ4PdUGWwt
As of the time of writing, the second-largest cryptocurrency is trading around $2,000, having dropped 3.7% in the last 24 hours.
Hourly chart of ETH/USDT on Binance. Source: TradingView.Bitcoin Holders Accumulate Assets
Large investors continue to accumulate Bitcoin despite macroeconomic uncertainty. Over the past month, they have increased their holdings by 0.45%. Analysts at Santiment described this as a "promising signal" ahead of a potential breakout from the narrow price range.
🐳📈 Despite dipping to $68.1K today, Bitcoin's key stakeholders are accumulating. Whales and sharks with 10-10K $BTC have accumulated 61,568 BTC (+0.45%) in the past month, which is a promising sign of an eventual breakout from this range.
— Santiment (@santimentfeed) March 26, 2026
🤑 Besides the current macroeconomic… pic.twitter.com/YDbRYNYH85
In the past month, whales and "sharks"—wallets holding between 10 and 10,000 BTC—have purchased 61,568 coins. Smaller addresses (holding less than 0.01 BTC) added 213 BTC (+0.42%) during the same period.
"Ideally, range-bound movement will end with a breakout upwards when large wallets accumulate while retail sells. Historically, this has been a very reliable signal for the start of bullish phases," experts noted.
It is worth mentioning that on March 25, an analyst known as Darkfost reported a significant outflow of funds from cryptocurrency exchanges.