Bhutan transferred about 175 Bitcoin worth about $12 million on Monday, bringing the total amount of government-related Bitcoin movements this year to more than $42 million, according to blockchain analytics platform Arcam.
The transfer came from one of the country’s major holding wallets, as Bitcoin was trading near $68,500.
Arkham said Bhutan regularly moves Bitcoin in small units of about $5 million to $10 million, and the recent transfers followed a similar move about a month ago when the government sold about $7 million worth of BTC through QCP Capital.
Despite the relocation, Bhutan remains one of the largest Bitcoin holders and ranks seventh among countries with Bitcoin government bonds. The government currently holds approximately 5,425 BTC worth approximately $372 million.
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