Bhutan Has Sold Too

Bhutan has recently sold $22 million (about KRW 32 billion) worth of Bitcoin (BTC).

Cointelegraph, citing data from blockchain analytics firm Arkham, reported on the 5th (local time) that Bhutan has transferred $22.3 million worth of Bitcoin to crypto market maker (MM) QCP Capital since last week. Cointelegraph said, "In general, transferring assets to a market maker is interpreted as a sell signal aimed at converting the asset into cash."

Bhutan’s move to sell Bitcoin comes amid the recent price downtrend and worsening mining profitability. Arkham said, "After the 2024 Bitcoin halving, the cost to mine one Bitcoin roughly doubled," adding, "As a result, Bhutan’s Bitcoin mining output has recently dropped sharply."

Meanwhile, Bhutan has been stockpiling Bitcoin through cryptocurrency mining operations since 2019. Bhutan’s Bitcoin holdings hit a peak of 13,295 coins on October 2024, before recently falling to around 5,700. According to Bitcoin Treasuries, Bhutan ranks seventh worldwide among countries by Bitcoin holdings.