According to ChainCatcher, citing Arkham data, the Bhutanese government sent 100 BTC, worth $6.77 million, to QCP Capital. The Bhutanese government has been selling Bitcoin weekly for the past three weeks. Bhutan sold at least $100 million worth of Bitcoin last September and continues to gradually sell off. Currently, Bhutan holds $372 million worth of Bitcoin in confirmed wallets.
In addition, Bhutan’s mining operations originally planned to partner with Bitdeer Technologies to generate up to 600 MW of Bitcoin mining power, but on-chain data shows that their mining speed has slowed down since the halving in April 2024.
