Bhutan transferred 519.707 BTC, worth $36.75 million, to an external wallet on Wednesday. The country has now sold $152 million worth of BTC this year. Analysts suggest this move reflects broader portfolio rebalancing rather than panic selling. Bhutan’s actions are part of its strategy to manage and liquidate state-owned Bitcoin holdings. These transactions are significant in the context of increasing institutional involvement in the crypto space.
The latest outflows follow a record week of activity, where Bhutan executed nearly $72 million worth of transactions. This includes the single largest transaction of 595.848 BTC valued at $44.44 million. While this could signal a shift in asset allocation, it also underscores the growing role of sovereigns in digital asset management.