Bhutan Continues Bitcoin Sell-off with $36.7 Million Transfer
- On Wednesday, Bhutan transferred approximately 519.7 BTC, valued at around $36.7 million, from its government-linked wallet.
- This transfer marks the third significant Bitcoin movement for Bhutan in March, following a total of $72 million moved in six transactions prior to March 18.
- The wallet currently holds 4,453 BTC, worth about $315 million, down from over 13,000 BTC in October.
- As of March, Bhutan ranks as the fifth-largest country by Bitcoin holdings globally.
- Bhutan’s Bitcoin strategy includes leveraging its mining operations powered by hydroelectric energy to support economic growth.
The recent transfer adds to a trend of increased outflows from Bhutan’s Bitcoin reserves this month, reflecting a strategic shift as the nation utilizes its holdings for development projects and partnerships in the cryptocurrency space.
With this latest transaction, Bhutan has offloaded significant amounts of Bitcoin while still maintaining a substantial reserve of 4,453 BTC. (Source)
