The Bhutanese government has once again drawn attention in the cryptocurrency market by making another Bitcoin transfer worth approximately $23 million, sparking speculation about the digital asset strategy of the nation, which is XEM a world-renowned "hydroelectric Bitcoin mining hub."
According to on-chain data, approximately 319.7 BTC was transferred from Bhutanese government-held wallets on April 9th. Blockchain analytics firm Onchain Lens, citing data from Arkham, reported that around 250 BTC was sent to a wallet typically used for asset transfers for sale through major trading platforms and liquidation services such as Galaxy Digital and OKX . The remaining approximately 69.7 BTC was transferred to a new, unlabeled wallet, fueling speculation that Bhutan may be restructuring its portfolio or preparing for a sale.
