Bitcoin: Bhutan’s Government Makes Major Bitcoin Transfer, Sparking Market Speculation
On April 2, 2025, a significant Bitcoin transfer by the Bhutanese government has stirred up the cryptocurrency market, leading to widespread speculation about the motives behind the move and its potential impact on the future of Bitcoin.
Fresh $34M Bitcoin Transfer By Bhutan Sparks Speculation
A series of Bitcoin transfers from wallets linked to the Bhutanese government has caught the attention of cryptocurrency watchers. According to blockchain data, addresses tied to Druk Holdings, the commercial arm of Bhutan’s government, moved 419.5 Bitcoin worth approximately $34.51 million to an unidentified address on April 2. Two separate wallets believed to belong to the Bhutanese government participated in the transfer. The main Bitcoin holding wallet sent 377.8 BTC ($32.11 million) to a new address identified only as “bc1qn6.” A second wallet contributed an additional 41.7 BTC ($3.5 million) to the same destination. The funds remain in the new wallet.
Sygnum Bank Analysts Compare Bitcoin Price Action to High-Beta Tech Stocks
Swiss crypto bank Sygnum’s analysts have compared the recent Bitcoin price swings to high-growth tech stocks rather than traditional safe-haven assets like gold. The bank’s research team questioned whether Bitcoin is still perceived as ’digital gold’ or if it’s increasingly being treated as a volatile proxy for the broader crypto market. This shift in perception comes despite endorsements from prominent figures, including Federal Reserve Chair Jerome Powell, who have referred to Bitcoin as a potential store of value and an alternative to gold.
Arthur Hayes Predicts Money Printing Boom, Bullish for Bitcoin
BitMEX co-founder Arthur Hayes believes the economic chaos triggered by U.S. President Donald Trump’s tariffs will lead to a monetary easing cycle, which will push Bitcoin (BTC) to new all-time highs. He argues that economic imbalances resulting from Trump’s policies will force central banks to unleash a wave of money printing, benefiting BTC.
Bitcoin Drops as China Escalates Trade War
Bitcoin dropped 3% within hours of China announcing a 34% tariff on US imports, briefly falling below $82,000. This has caused concern among investors, analysts, and participants in the cryptocurrency sector about its potential impact. According to Xinhua News Agency, China will impose the tariff starting April 10, citing the US’s ’Reciprocal Tariff’ as a violation of WTO rules that damages the legal rights of WTO members and undermines the multilateral trade system.
Bitcoin Is Far From a Bear Market, Analysts Claim
Grab a coffee to see how Bitcoin is holding firm above $79,000 despite a sharp equities sell-off. Markets are bracing for the March NFP report and rising recession risks. With Fed rate cuts on the table and ETF inflows staying strong, all eyes are on what’s next for macro and crypto markets. The highly anticipated March U.S. non-farm payrolls (NFP) report is due later today, and it’s expected to play a key role in shaping market sentiment heading into the weekend. Investors are bracing for signs of softness in the U.S. labour market. A weaker-than-expected print would bolster the case for further Fed rate cuts this year, as policymakers attempt to cushion a decelerating economy.
