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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 continues to transfer large amounts 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 follows a selling trend that has been ongoing since October 28, 2024. During this period, Bhutan's Bitcoin holdings sharply decreased from about 13,000 BTC to 3,954 BTC.
This means over 9,000 BTC have been released into the market, with a total value reaching approximately $640 million.
Bhutan was previously known as one of the countries with significant Bitcoin holdings, mostly acquired through mining activities utilizing hydro energy.
This reduction in reserves indicates a liquidation strategy or asset management by the government, although the specific purpose of the sales has not been officially disclosed.
This movement also draws attention from market participants, as large transactions by a state entity can impact liquidity and market sentiment in the crypto space.