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A series of Bitcoin transfers from wallets linked to the Bhutanese government has caught the attention of cryptocurrency watchers. According to blockchain data from Arkham, 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.

Government Wallets Transfer Large Sum To New Address

Based on reports from Arkham, a blockchain analytics platform, 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, labeled “34oXLr,” contributed an additional 41.7 BTC ($3.5 million) to the same destination.

Source: Arkham

The funds remain in the new wallet at the time of this report. This movement follows a larger transfer last week when the government reportedly shifted 1,664 BTC ($144.57 million) to several different addresses.

Bhutan Maintains Significant Crypto Holdings

The Royal Government of Bhutan owns significant Bitcoin holdings, despite recent sales. Bhutan, based on Bitcoin Treasuries data, owns 13,029 BTC at a value of $1,061,269,247. This puts the nation fourth in total Bitcoin owned among countries, just behind El Salvador.

Source: Bitcoin Treasuries 

The landlocked Buddhist-majority country has emerged as an offbeat contributor to the cryptocurrency world. Bhutan reportedly mines Bitcoin by leveraging its abundant hydroelectric resources. This most recent stockpile of cryptocurrency constitutes a sizable portion of the total economy — 31% of the country’s gross domestic product (GDP), estimated at nearly $3 billion.

Market Response Following The News

The cryptocurrency market appears unaffected by Bhutan’s Bitcoin movements. According to price data, Bitcoin recovered from a low of $81,014 to reach $82,005 before slightly pulling back. This represents a 2.5% rebound within a day.

The leading cryptocurrency traded at $82,401 at the time of the report, showing a nearly 1% increase over 24 hours. If this upward trend continues, Bitcoin could achieve its third consecutive positive daily close for the first time since early January.

While Bhutan has been selling off its Bitcoin for profit, the United States is seeking to stop all sales of their balance and even expand it. Interestingly, US President Donald Trump signed an executive order last month to establish a strategic Bitcoin reserve for the nation. In the meantime, senator Cynthia Lummis has filed the Bitcoin Act, seeking to acquire 1 million BTC for the nation.

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Enish, a Japanese game developer, plans to buy Bitcoin worth 100 million yen. The company announced this move as part of its growing work with blockchain technology, according to recent reports. This purchase comes at a time when Bitcoin was trading at $81,800, based on CoinGecko data.

Why Enish Is Buying Bitcoin Now

The gaming company’s interest in Bitcoin stems from its work on blockchain games. Enish believes owning Bitcoin will help them better understand the technology behind it. Their game “De Lithe Last Metsoires” already uses blockchain features.

Bitcoin stands as the most well-known cryptocurrency in the market. By owning it, Enish hopes to gain new insights for their technical teams. The company thinks this knowledge will improve how they make games and run their business.

Notice regarding the procurement of Bitcoin. Source: Enish

How And When The Purchase Will Happen

Enish has set clear dates for buying Bitcoin. They plan to make their purchase between April 1 and April 4, 2025. The company will spend 100 million yen through normal market buys on Japanese cryptocurrency exchanges.

JUST IN: PUBLIC JAPANESE GAME DEVELOPER ENISH JUST BOUGHT ¥100 MILLION WORTH OF #BITCOIN

ANOTHER BTC TREASURY pic.twitter.com/F2A94hBtFh

— The Bitcoin Historian (@pete_rizzo_) April 2, 2025

This action also aligns with Enish’s asset management strategy. They are looking to diversify their holdings while setting themselves up for potential profits if Bitcoin’s value increases further. The company chose Bitcoin because it’s simple to purchase and sell, and has a big, stable market.

Other Companies Joining The Bitcoin Trend

Enish isn’t alone in buying Bitcoin. Data from CryptoQuant shows public companies added 91,780 Bitcoin to their holdings during the first quarter of 2025.

Tether added nearly 9,000 Bitcoin to its accounts, bringing its total to 92,640 Bitcoin. MicroStrategy (now Strategy), known for its heavy Bitcoin investments, bought another 81,780 Bitcoin. This latest purchase cost the company over $8 billion.

Smaller Players Also Making Bitcoin Moves

More recently, several smaller companies have purchased Bitcoin. Looking more closely at some of these purchases: The Blockchain Company bought 600 Bitcoin. Semler Scientific bought 1,100. Metaplanet also acquired 2,280 Bitcoin in a bigger purchase.

But some companies are raising money to purchase even more. Marathon Digital is raising funds by selling stocks to invest in Bitcoin. In November, GameStop submitted a $1.3 billion offering to initiate its own Bitcoin strategy.

The trend demonstrates increasing acceptance of cryptocurrency among businesses, with more companies diversifying into Bitcoin—often for the same reasons as Enish: blockchain adoption, digital currency growth, and future holdings.

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Retail investors are showing a growing preference for XRP (XRP) over Bitcoin (BTC), according to recent on-chain data from Glassnode. The data highlights a dramatic 490% surge in XRP’s quarterly average of daily active addresses. In comparison, Bitcoin only saw a modest 10% increase since the 2022 cycle low. 

This sharp contrast suggests that speculative retail demand is fueling XRP’s resurgence. Meanwhile, Bitcoin’s rally remains predominantly institutional-led.

How Are Retail Investors Impacting XRP’s Growth Compared to Bitcoin?

In their latest newsletter, Glassnode highlighted the differing paths of these two major cryptocurrencies. Despite both assets achieving similar price gains—roughly 5x to 6x from their 2022 cycle lows—their trajectories reveal distinct investor behaviors.

“Since the 2022 cycle low, the quarterly average of daily active addresses for XRP has jumped by +490%, compared to just 10% for Bitcoin. This stark contrast suggests that retail enthusiasm has been attracted by XRP, thus providing a mirror for speculative appetite in the crypto space,” the newsletter read.

According to Glassnode, Bitcoin’s growth has been steady. Meanwhile, the launch of spot ETFs or the US elections triggered a period of significant upward movement. In fact, Bitcoin hit an all-time high (ATH) just before President Trump’s inauguration.

Contrarily, Glassnode noted that XRP’s rally has been characterized by a sudden breakout from December 2024, driven by retail speculation.

“During this recent surge, XRP’s realized cap nearly doubled from $30.1 billion to $64.2 billion, reflecting a substantial inflow of capital,” Glassnode added.

Nevertheless, the surge also raises some cautionary signals, as it appears to be driven more by recent investments than by long-term, sustained demand. Glassnode observed a rapid concentration of wealth among new investors, with those entering the market in the past six months accounting for nearly half—around $30 billion—of this surge.

Moreover, the share of XRP’s realized cap held by addresses younger than six months rose from 23% to 62.8% in a short period. Further insights from Google Trends data revealed that interest in XRP is predominantly concentrated in Europe and the United States, with significantly less search activity in Asia and Africa. 

This geographic disparity suggested that XRP’s retail-driven surge may be tied to specific market dynamics in Western regions, potentially influenced by regulatory clarity or community-driven hype.

“When viewed together with the heavy retail participation, this sharp uplift in new holders raises caution signs, where many investors are likely to be vulnerable to downside volatility, given their now elevated cost basis,” Glassnode remarked.

While XRP’s retail appeal is evident, the sustainability of its rally remains uncertain. Glassnode’s report indicates that the capital inflow has slowed since late February 2025, hinting at a cooling of retail speculation. 

Moreover, the Realized Loss/Profit Ratio has been steadily decreasing since January 2025. This suggested that investors are seeing fewer profits and facing larger losses.

“Given the retail-dominated inflows and largely concentrated wealth in relatively new hands, this alludes to a condition where retail investor confidence in XRP may be slipping, and this may also be extended across the broader market,” the newsletter highlighted.

Therefore, Glassnode cautioned that the XRP demand may have already peaked. The firm recommended exercising caution until more definitive signs of recovery appear.