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Bhutan Sells 70% of Bitcoin Holdings, Reducing Stack to 3,954 From 13,000 in 18 Months

Source

Doohyun Hwang

Summary

Bhutan’s government sold 70%% of its Bitcoin holdings over the past 18 months.
Bhutan’s Bitcoin holdings plunged from about 13,000 in October 2023 to 3,954 now.
Industry participants say Bhutan’s government has halted hydropower-based mining and entered a phase of asset liquidation.

Forecast Trend Report by Period

Bhutan, which has mined and held Bitcoin at the state level, has sold about 70% of its holdings over the past 18 months, CoinDesk reported. The drawdown has also raised questions over whether the country has effectively halted its hydropower-based mining operations.

Bhutan’s Bitcoin holdings have dropped to 3,954, worth about $280.6 million, from roughly 13,000 in October 2023, according to the report published July 10. About $215.7 million worth of Bitcoin has flowed out this year alone.

Most recently, on July 10, about 250 Bitcoin was transferred to wallets believed to be used for deposits to Galaxy Digital and crypto exchange OKX. Another 69.7 Bitcoin was moved to a new wallet with no clear purpose.

There are also negative signs around the mining business. No mining reward deposits of more than $100,000 have been found in Bhutan government wallets for more than a year. Industry participants view that as a sign the government has halted hydropower-based mining and moved into an asset liquidation phase.