Bhutan has slipped to the seventh-largest nation-state Bitcoin holder, with its stash falling from 13,295 BTC in October 2024 to 5,700 BTC.
Bhutan has offloaded over $22 million in Bitcoin mined through its state-owned mining venture as the cryptocurrency’s price continues to tumble and mining conditions worsen.
Data from blockchain analytics platform Arkham shows that Bhutan moved 184 Bitcoin (BTC) worth $14 million from its national reserve on Wednesday, adding to another 100.8 Bitcoin transfer worth $8.3 million last Friday.
The $22.3 million worth of transfers were sent to crypto market maker QCP Capital, Arkham said. Transferring assets to market makers often indicates selling, as they help convert those assets into liquid markets.
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Author: Brayden Lindrea
