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In a move that caught many by surprise, the Royal Government of Bhutan sold nearly $60 million worth of Bitcoin in just four days. According to on‑chain data from Arkham Intelligence, the country shifted 512.84 BTC between July 10 and July 14. That haul represents a small slice of its overall stash, but it still adds up to a hefty sum.

Strategic Profit Taking

Based on reports tied to its sovereign investment arm, Bhutan’s wallet sent six separate Bitcoin transfers to Binance during that period.

One single transfer moved 208.56 BTC—about $23.18 million—while others involved 100 BTC, 99 BTC, and smaller chunks. Those sales total $59.47 million, according to Lookonchain’s figures. It looks like the government timed its sales to match Bitcoin’s push into new highs.

The Royal Government of #Bhutan has been accelerating its $BTC sales!

In the past 4 days alone, #Bhutan sold 512.84 $BTC($59.47M) — selling every day.

They still hold 11,411 $BTC($1.4B).https://t.co/hiNf1ySQhUhttps://t.co/dcqekOeedc pic.twitter.com/b3cQy0ryk8

— Lookonchain (@lookonchain) July 14, 2025

Strong Remaining Holdings

Despite those outflows, Bhutan hasn’t given up on crypto. It still holds 11,411 BTC, valued at roughly $1.4 billion at current prices.

According to Arkham’s tracking dashboard, the country’s crypto treasury went from $1.29 billion last week to $1.37 billion by July 14—a jump of $73.33 million in just seven days.

Part of that gain came from a 12.4% intra‑week Bitcoin price rise, which saw the coin climb from $108,000 to $122,000.

BTCUSD trading at $121,235 on the 24-hour chart: TradingView

ETH Balance Steady Amid Price Gains

The government’s Ethereum pile remains at 656 ETH, worth about $1.93 million today. While the quantity of ETH hasn’t changed in the past week, an 18% boost in ETH price has lifted the value of that holding.

News of this has stirred talk about how small changes in a big portfolio can still move the needle when markets run hot.

Image: Pngtree

Context From Earlier Moves

According to reports, Bhutan’s wallet holdings rose from $1.26 billion to $1.30 billion between July 3 and July 10—even after it transferred 213 BTC (worth close to $24 million) to Binance.

Those figures suggest the government is actively managing its crypto stash, trimming exposure when prices spike but letting gains pile up when markets rally.

Market Conditions And Volatility

Bitcoin spent weeks consolidating between $105,000 and $108,000 before blasting past $121,000 on July 13. That same day, Bhutan off‑loaded the $23 million stash.

Around that time, the US slapped new 30% tariffs on the EU and Mexico—moves that might have hurt risk assets in past cycles. Yet Bitcoin shrugged off the news and vaulted to $122,400 on Coinbase.

Featured image from Luxury Travel Magazine, chart from TradingView

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Arca Chief Investment Officer Jeff Dorman said the digital investment company has sold all of its Circle shares following the stablecoin company’s recent listing on the New York Stock Exchange.

The update followed a scathing open letter published by Dorman on social media on June 5, criticizing Circle for giving the investment firm a “throwaway” allocation in Circle’s initial public offering (IPO).

According to Dorman, Arca submitted an order for $10 million in Circle shares in April 2025 and only received a $135,000 allocation despite being a long-time supporter and one of the earliest investors to submit a bid. The executive wrote in a now-deleted letter:

“We pinged you separately two months ago indicating our order, and you thanked us for the support. If you were going to f

us at the end, the least you could have done was tell us two months ago so we didn’t waste our analysts’ and ops teams’ time on a deal that you had no intention of allocating shares to us.”

“Arca is closing all of our accounts with Circle and will tell every single dealer we work with that we will no longer accept USDC,” Dorman continued.

Cointelegraph reached out to Circle for comment on the letter but hadn’t received a response by the time of publication.

Circle’s public listing is a significant development in the crypto industry as the issuer of the world’s second-largest stablecoin, Circle-USD (USDC), with a total market capitalization of over $61 billion, now has access to the world’s deepest capital market.

Related: BlackRock eyes 10% stake in Circle’s IPO — Report

Circle lists on the NYSE to trading frenzy

Circle began trading on the NYSE on June 5 under the ticker CRCL, following an IPO that raised $1.05 billion.

The company’s shares surged by 167% on its debut, closing out the trading day at $82.

The stock continued the rally on June 6 and is currently trading hands around $115 per share during intraday hours.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

]]> https://earlybirdsinvest.com/arca-unloads-circle-shares-after-scathing-ipo-letter/feed/ 0 40541 https://earlybirdsinvest.com/galaxy-digital-unloads-ethereum-and-accumulates-solana-as-105480000-in-eth-deposited-to-binance-lookonchain/ https://earlybirdsinvest.com/galaxy-digital-unloads-ethereum-and-accumulates-solana-as-105480000-in-eth-deposited-to-binance-lookonchain/#respond Wed, 23 Apr 2025 16:53:41 +0000 https://earlybirdsinvest.com/galaxy-digital-unloads-ethereum-and-accumulates-solana-as-105480000-in-eth-deposited-to-binance-lookonchain/

Crypto firm Galaxy Digital is executing an asset swap involving the native tokens of layer-1 blockchains Ethereum (ETH) and Solana (SOL), according to on-chain data.

Data from blockchain tracking platform Lookonchain suggests that Galaxy Digital has, over the past two weeks, sold Ethereum worth tens of millions of dollars and purchased Solana.

“In the past two weeks, Galaxy Digital deposited 65,600 ETH ($105.48 million) to Binance and withdrew 752,240 SOL ($98.37 million) from Binance.”

Galaxy Digital’s portfolio reorganization is coming amid the firm’s head of research, Alex Thorn, predicting that the US will purchase Bitcoin (BTC) this year to add to the Strategic Bitcoin Reserve (SBR) launched in March. According to Thorn, one of the options the US could exercise to purchase the flagship crypto asset in a budget-neutral way would be to swap confiscated altcoins into Bitcoin.

“To be specific, you could sell an altcoin in an altcoin/BTC pair and never touch cash at all. No cash ever has to flow into the [US] general treasury. Could be an easier way to get to a ‘promises made, promises kept’ on the SBR.”

Ethereum is trading at $1,630 at time of writing, down by 67% from the all-time high reached in November of 2021. Solana is changing hands at $140 at time of writing, down by 52% from the record high hit in January.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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