Bhutan offloads $37 million worth of bitcoin as selling accelerates: onchain data
Bhutan recently moved $37 million worth of bitcoin, adding to previous transfers totaling $84 million, suggesting potential asset sales.Summary
Onchain data reveals that the Royal Government of Bhutan has transferred approximately $37 million worth of bitcoin (BTC), bringing its total recent offloads to $84 million including previous transfers of $72 million and $12 million. The funds were moved to wallets, including one linked to QCP Capital, a trading firm. Bhutan currently holds 4,453 BTC, valued at around $315.89 million, managed by Druk Holding and Investments Ltd., its sovereign wealth fund. While the reason for the transfers is unconfirmed, movements to trading firms often indicate potential sales. Bhutan historically mined bitcoin using hydropower, holding over 13,000 BTC at its peak in October 2024, but inflows have ceased for over a year, fueling speculation about halted mining operations. Bitcoin's price was up 1.3% at $71,094 at the time of reporting, but remains over 40% below its record high.
(Source：The Block)