Bhutan joins the Bitcoin selling spree?...Sale rumors spread as 100 BTC moves

▲ Bhutan, Bitcoin/ChatGPT generated image

The Bhutanese government continued its trend of selling off its national Bitcoin holdings by moving an additional 100 BTC. This movement, valued at approximately $8.1 million, comes as the total amount of Bitcoin moved out of Bhutan-related wallets this year has exceeded $230 million.

Bitcoinist reported on May 14 (local time), citing Arkham data, that the Bhutanese government transferred 100 BTC from its holdings wallet. Arkham analyzed, "Bhutan is selling Bitcoin," adding, "If the current pace continues, its Bitcoin holdings could be depleted before the end of September."

According to the article, Bhutan has sold a total of $230.39 million worth of Bitcoin this year. The average monthly sales volume was stated to be around $50 million. Currently, the remaining Bitcoin holdings are approximately $252 million, and an analysis suggested that if all holdings were sold at current prices, the on-chain profit could reach $767 million.

This transfer is an extension of Bhutan's trend of reducing its Bitcoin holdings over recent months. Bhutan is known to have accumulated national Bitcoin holdings through Bitcoin mining, utilizing its abundant hydropower resources in the past. However, repeated large-scale movements from related wallets have recently been observed, leading the market to interpret that Bhutan is gradually liquidating its assets.

Arkham viewed this transfer as similar to Bhutan's previous selling patterns. However, it is difficult to conclude that the transfer itself immediately signifies a sale. While the movement of Bitcoin from a holding wallet to an external address has been confirmed, whether it ultimately led to an exchange sale or over-the-counter (OTC) transaction needs to be confirmed separately.

The decrease in Bhutan's Bitcoin holdings is interpreted as an example of a national Bitcoin financial strategy shifting from an accumulation phase to a liquidation phase. In particular, the repeated sale-like movements this year are being seen as a shift in asset management strategy rather than a simple wallet cleanup.

While the direct impact on the overall Bitcoin market may be limited, the continuous sale of national Bitcoin holdings could weigh on investor sentiment. If Bhutan disposes of its remaining holdings at the same pace, additional wallet movements in the coming months are highly likely to be closely watched as a short-term volatility factor in the market.

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