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 signals a sale, as they help convert those assets into liquid markets.
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