Bhutan transferred approximately 175 Bitcoin, valued at around $12 million, on Monday. This move brings the total value of government-related Bitcoin transactions this year to over $42 million, according to blockchain analytics firm Arkham.
The transfer originated from one of Bhutan's main holding wallets as Bitcoin traded near $68,500.
Arkham noted that Bhutan typically moves Bitcoin in smaller increments of $5 million to $10 million. This recent transaction follows a similar move approximately one month ago when the government sold roughly $7 million worth of BTC via QCP Capital.
Despite these transfers, Bhutan maintains its position as one of the largest sovereign Bitcoin holders, ranking seventh among nations with Bitcoin treasuries. The government currently possesses approximately 5,425 BTC, estimated to be worth around $372 million.