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#GateSquareAprilPostingChallenge
Bhutan Sells 319 BTC Again, Ownership Drops from 13,000 to 3,954 BTC
The Government of the Kingdom of Bhutan has again transferred a large amount of Bitcoin assets.
In the latest transaction, Bhutan reportedly transferred around 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 that period, Bhutan’s Bitcoin holdings fell sharply from around 13,000 BTC to 3,954 BTC.
That means more than 9,000 BTC has been released to the market, with the total value reaching approximately $640 million.
Bhutan was previously known as one of the countries with significant Bitcoin holdings, most of which were acquired through mining activities that use hydro energy.
This decline in reserves indicates a liquidation or asset-management strategy by the government, although the specific purpose of the sales has not been officially disclosed.
This movement has also drawn the attention of market participants, since large transactions from a state entity can affect liquidity and sentiment in the crypto market.