Bhutan Continues Bitcoin Sales Amid Market Downturn
- The Royal Government of Bhutan sold $6.7 million in Bitcoin to QCP Capital as BTC prices fell to around $66,000.
- Recent transactions included sales of 184.03 BTC worth $14.09 million and another of 100.82 BTC valued at $8.31 million.
- Bhutan’s Bitcoin holdings have decreased from an all-time high of approximately 13,295 to about 5,600 since October.
- Institutions experienced a total net outflow of $410 million from Bitcoin ETFs, with BlackRock’s ETF IBIT leading at $157.56 million.
- Standard Chartered has reduced its BTC price target for the next year to as low as $50,000 amid current market conditions.
Bhutan’s ongoing sales reflect its strategy amid a challenging market environment where institutional investors are withdrawing significant funds from Bitcoin ETFs. The government has been selling its Bitcoin holdings since accumulating them through mining operations that began in 2019.
With recent sales totaling around $30 million this month and institutions pulling out over $410 million from ETFs, Bhutan’s actions highlight the volatility and challenges in the current crypto landscape.(Source)
