The Royal Government of Bhutan transferred about 375 BTC (~$25.18M) on March 31, 2026, bringing its week-long outflows to over 1,000 BTC, according to Arkham Intelligence.
Arkham Intelligence flagged a major Hyperunit whale—believed to be a Chinese entity—on the losing side of a forced deleveraging that triggered a $250M Ethereum liquidation and left the actor with over $5 billion in realized and unrealized losses. The move intensified short-term volatility across ETH markets.