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Bhutan Sells 319 BTC Again, Ownership Drops from 13,000 to 3,954 BTC
The Kingdom of Bhutan government is again transferring large amounts of Bitcoin assets.
In the latest transaction, Bhutan reportedly transferred about 319.7 BTC worth $22.68 million in just the past hour.
This move continues a selling trend that has been ongoing since October 28, 2024. During this period, Bhutan’s Bitcoin holdings dropped sharply from around 13,000 BTC to 3,954 BTC.
That means more than 9,000 BTC has been released to the market, with a total value reaching approximately $640 juta.
Bhutan was previously known as one of the countries with significant Bitcoin holdings, mostly acquired through mining activities that use hydro energy.
This drop in reserves indicates a liquidation or asset management strategy carried out by the government, although the details of the sales purpose have not been officially disclosed.
These movements are also drawing attention from market participants, considering that large transactions from a state entity can affect liquidity and sentiment in the crypto market.
With remaining holdings still substantial, Bhutan’s activity in the Bitcoin market remains one of the factors monitored by global investors.
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