Bhutan moves $12M in Bitcoin as government transfers top $42M so far this year

Bhutan transferred about 175 Bitcoin worth roughly $12 million on Monday, pushing the total value of government-related Bitcoin movements this year to more than $42 million, according to blockchain analytics platform Arkham.

The transfer came from one of the country’s primary holding wallets as Bitcoin traded near $68,500.

Arkham said Bhutan periodically moves Bitcoin in smaller clips of roughly $5 million to $10 million, with the most recent transfer following a similar move about a month ago when the government sold roughly $7 million worth of $BTC through QCP Capital.

Despite the transfers, Bhutan remains one of the largest sovereign Bitcoin holders, ranking seventh among countries with Bitcoin treasuries. The government currently holds around 5,425 $BTC valued at approximately $372 million.