The Royal Government of Bhutan transferred over $22 million worth of Bitcoin from sovereign wallets last week, according to on-chain data, sparking speculation about potential market sales. One transaction was sent directly to an address associated with market maker QCP Capital, according to Arkham data.
Bhutan has periodically sold Bitcoin in batches of around $50 million since starting mining in 2019. The country’s cryptocurrency holdings have decreased by more than 70% from a peak of $1.4 billion to approximately $412 million due to market weakness. However, analysts suggest that overall wallet balances have not changed significantly, indicating that recent transfers may simply be internal reallocations or custody adjustments rather than actual liquidations.
In 2023, Bhutan mined over 8,200 BTC — a record high — but slowed down after 2024 due to increased costs following the halving. Although Bitcoin is currently around $70,000 (down 7.36% in 24 hours), analysts believe Bhutan’s moves are more about routine portfolio management than panic selling.
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