The Royal Government of Bhutan transferred 973 Bitcoins, valued at about $72.3 million, within a 24-hour period. The transactions were carried out across various addresses, involving the Royal Government of Bhutan’s sovereign wealth fund, Druk Holding & Investments.
Arkham Intelligence, a blockchain analysis firm, revealed that two unknown wallets received an additional $44.4 million in Bitcoin transfers. Meanwhile, 20.5 BTC, valued at almost $1.5 million, was also sent to QCP Capital, an over-the-counter trading platform.
The total value of Bitcoin that has been moved in this period is approximately $72.3 million. These are part of Bhutan’s ongoing activity with their national Bitcoin reserves.
Source: Arkham
Bhutan Bitcoin Holdings Drop After Halving Impact
Data shows that Bhutan has moved more than $110 million in Bitcoin since the start of this year. The holdings under Druk Holding are now at 4,453 BTC, valued at $330 million. These are less than October 2024 levels when they were above 13,000 BTC.
Bhutan has managed to accumulate a significant amount of its BTC through mining activities. The country relies on hydropower, which makes the mining process cheaper. This has helped the country maintain mining activities over the past few years.
Bhutan managed to mine 8,200 BTC in 2023, earning an estimated $265 million in profit. However, the halving that occurred in 2024 affected the amount of profit that the mining operations would receive. This change increased operational costs and lowered efficiency across mining operations.
Also Read: Bitcoin Whales Move Funds as Bhutan and Winklevoss Shift Millions in BTC
The country has sold around $100 million worth of BTC between 2023 and 2024. The sales were done in phases, not as a whole. This shows that the country is managing the digital assets.
Bhutan Holds Strong BTC Position
This year, Bhutan has transferred $22.4 million worth of Bitcoins to exchanges during the market dip. The country has continued with the transfers by moving another $14 million worth of the asset in small transactions.
Despite the sales, Bhutan still ranks as the seventh-largest nation-state holder of BTC. This shows that the country still holds a substantial amount of reserves.
At the time of writing, BTC is trading at $72,000, according to CoinMarketCap. The price has declined by 2.54% in the last 24 hours. The asset recently rose close to $76,000 before falling below $74,000.
Source: CoinMarketCap
Data from Blockchain.com shows that the network hash rate for BTC is still on an upward trend. This is despite the fluctuations in the value of the coin in the short term.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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