Bhutan, a small kingdom in the Himalayas, is once again making headlines for its crypto trading. According to data from on-chain analytics platform Arcam, the Bhutanese government transferred approximately 374.9 Bitcoin, generating a transaction value of $25.2 million.
Today’s money transfer was reported to have been sent to an unlabeled address starting with “bc1q0”. According to analysts, this address was previously moved. $BTC It was acquired by institutional investors such as Galaxy Digital from Bhutan. This led to speculation that the government might sell it. $BTC. However, the exact purpose of the transfer has not yet been officially announced.
Meanwhile, the total outflow from Bhutanese wallets last week was reported to have exceeded 1,000. $BTC. Formerly 519.7 forwarding $BTC Created on March 25th and 123.7 $BTC March 27th. It was noted that addresses linked to QCP Capital were also involved in these transactions.
According to Arkham data, Bhutan currently has about 3,954 people. $BTCworth approximately $263.9 million. However, the country’s reserves have fallen significantly from their peak of around 13,000. $BTC In October 2024.
Unlike many other countries, Bhutan is known for building up its reserves through hydropower mining rather than confiscating Bitcoin. But recently there has been growing speculation that new production is slowing.
*This is not investment advice.
