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#GateSquareAprilPostingChallenge Bhutan Sells 319 BTC Again, Ownership Drops from 13,000 to 3,954 BTC
The Kingdom of Bhutan’s government 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 the selling trend that has been ongoing since October 28, 2024. During this period, Bhutan’s Bitcoin holdings dropped sharply from about 13,000 BTC to 3,954 BTC.
This means that more than 9,000 BTC has been released to the market, with a total value reaching approximately $640 juta.
Bhutan was previously known as one of the countries with significant Bitcoin holdings, most of which was obtained through mining activities that use hydro energy.
This reduction in reserves indicates a liquidation strategy or asset management carried out by the government, although the details of the sales’ purpose have not been officially disclosed.
This movement has also attracted attention from market participants, since large transactions by a state entity can affect liquidity and sentiment in the crypto market.