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๐ WHALE WATCH: The Kingdom of Bhutan is thinning its bags.
Recent Arkham data confirms a net outflow of $120M this year. They have offloaded roughly 70% of their peak holdings. While retail is panicking about government selling Im looking at who is buying: ETFs and institutional giants are catching every single satoshi.
The transfer of wealth from nation-states back into the liquid market is healthy long term. Watch the $69k level closely.