Bhutan Reduces Bitcoin Holdings, Still Holds $1.16B in BTC
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The Royal Government of Bhutan recently liquidated 406 Bitcoins, valued at around $40 million, as part of a series of periodic sales amid Bitcoin's price surge.
This move occurred as the cryptocurrency made attempts to break its all-time highs, especially after the victory of Donald Trump. According to on-chain data from Arkham Intelligence, the Bhutan government transferred these assets to QCP Capital.
This reduces Bhutan’s Bitcoin holdings to 11,791 BTC, still making it one of the largest governmental Bitcoin holders globally, with a value of approximately $1.164 billion.
Bhutan’s sale of Bitcoin began after the cryptocurrency’s value saw significant growth in late October. Over the past two months, the government has offloaded a total of 1,696 BTC, valued at around $139 million, with an average sale price of $81,999.
The transactions were made through platforms like Binance and QCP Capital. Despite these sales, the government’s hydro-powered Bitcoin mining operations continue to play a crucial role in expanding its holdings.
This action comes as Bitcoin struggles to push past the $100,000 threshold amid significant sell-offs by long-term holders. As of the latest data, Bitcoin’s price was hovering just below $100K, with analysts divided on the short-term outlook.
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