Bhutan government net sold $120M in BTC this year, outlet reports

The Bhutanese government has net sold approximately $120 million worth of Bitcoin this year, reducing its holdings to around 1,700 BTC, Wu Blockchain reported. Citing data from on-chain platform Arkham (ARKM), Wu Blockchain noted that the government typically liquidates its Bitcoin in increments of $5 million to $10 million. The funds are then transferred to exchanges such as Binance or market makers like QCP Capital. The frequency of these transfers has surged recently, with 123.7 BTC, worth about $8.5 million, moved to a new address yesterday.