Bhutan government moves $7.9M in BTC, likely for sale

The government of Bhutan transferred 102.446 BTC, worth around $7.89 million at the time of the transaction, to an external wallet about an hour ago, according to on-chain analysis firm Arkham. Arkham interpreted the move as a precursor to a sale. The firm noted that at this pace, Bhutan's government would sell all its remaining BTC by October of this year. Since the start of the year, Bhutan has sold a total of $269.8 million in BTC and currently holds an estimated $263 million worth of the cryptocurrency. All of the country's mining operations appear to have ceased, Arkham added, noting that Bhutan has generated approximately $754 million in on-chain profits from its Bitcoin holdings.