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The Bhutan government has once again shaken up its Bitcoin holdings. A few hours ago, 175 BTC were withdrawn from their wallet, which is approximately $13.6 million at today's prices. The government, based in Thimphu, the capital of Bhutan, appears to be quite active in crypto.
Interestingly, these transfers are not regular. About a month ago, they also sold approximately $7 million worth of BTC through QCP Capital. It seems that the Bhutan government is gradually liquidating its crypto holdings.
It's fascinating to see how small countries hold large amounts of Bitcoin and incorporate it into their revenue strategies. Moves by countries like Bhutan sometimes also send market signals.