Summary
- Bhutan reportedly recently sold $22 million worth of bitcoin (BTC).
- Bhutan said it moved to sell amid a downtrend in bitcoin prices and deteriorating mining profitability.
- Bhutan’s bitcoin holdings reportedly fell from 13,295 in October 2024 to about 5,700 recently.
Bhutan has recently sold bitcoin (BTC) worth $22 million (about 32 billion won), according to reports.
Cointelegraph, citing data from blockchain analytics firm Arkham, reported on the 5th (local time) that Bhutan has transferred $22.3 million worth of bitcoin since last week to cryptocurrency market maker (MM) QCP Capital. Cointelegraph added that “in general, transferring assets to a market maker is interpreted as a sell signal aimed at converting the asset into cash.”
Bhutan’s decision to sell appears to be driven by the recent price downtrend and deteriorating mining profitability. Arkham said that “after the 2024 bitcoin halving, the cost to mine one bitcoin has roughly doubled,” adding that “as a result, Bhutan’s bitcoin mining output has recently fallen sharply.”
Meanwhile, Bhutan has been accumulating bitcoin through its cryptocurrency mining business since 2019. Bhutan’s bitcoin holdings peaked at 13,295 on October 2024, before recently declining to about 5,700. According to Bitcoin Treasuries, Bhutan ranks seventh among countries worldwide in bitcoin holdings.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
