Bhutan sold $22.4M in Bitcoin as portfolio falls over 70%
In a report from Beincrypto, Bhutan transferred $22.4 million in Bitcoin out of sovereign wallets over the past week, including a direct transaction to market maker QCP Capital. The country's cryptocurrency portfolio has declined over 70% from a peak of $1.4 billion to approximately $412 million, driven by sales and market depreciation.
Blockchain analytics platform Arkham confirmed the Bitcoin sales and identified two major outflows from Druk Holding and Investments: 184.03 BTC valued at $14.09 million and 100.82 BTC worth $8.31 million, the latter sent to addresses tied to QCP Capital. Arkham’s analysis notes Bhutan usually sold in roughly $50 million tranches, making the current $22.4 million weekly outflow smaller than past liquidations.
Bhutan began Bitcoin mining in 2019 using hydroelectric power and, according to Arkham, has generated over $765 million in mining profit while incurring about $120 million in energy costs.
Bhutan