Wallet Believed Linked to Bhutan’s Government Moves $11 Million Worth of Bitcoin, Raising Potential Sell-Off Concerns

Source

Suehyeon Lee

Summary

According to Arkham data, about $11 million worth of Bitcoin was transferred from a wallet linked to Bhutan’s government.
Bhutan is known to have sold Bitcoin by splitting it into tranches of roughly $5 million to $10 million.
About a month ago, $7 million worth of Bitcoin was sold via QCP Capital, and the market is watching whether this move could also follow a similar selling process.

Forecast Trend Report by Period

About $11 million worth of Bitcoin (BTC) has been moved from a wallet believed to be linked to Bhutan’s government.

According to Arkham data on the 9th (local time), an address connected to Bhutan’s government recently transferred Bitcoin worth about $11 million. Bhutan is known to have sold Bitcoin by splitting it into tranches of roughly $5 million to $10 million.

A similar-sized transfer occurred about a month ago as well, and at the time, roughly $7 million worth of Bitcoin was reportedly sold via institutional trading firm QCP Capital. The market is watching whether this latest transfer could also be part of a similar selling process.

BTC