Bhutan has transferred Bitcoin to trading firms.

Bitcoin Transfers Continue

The government-affiliated Bitcoin wallets of Bhutan transferred 184 Bitcoin (worth approximately 14 million dollars) after a three-month pause. These transfers occurred alongside a decline in the cryptocurrency and general markets.

The transferred Bitcoin coins were directed to new addresses and known counterparts such as QCP Capital, as well as a Binance hot wallet. This situation can be interpreted as an indication of market liquidity management or potential sales. In other words, it seems that they are not only aimed at cold storage.

While these movements do not directly prove a sale, they reflect Bhutan's and other large asset holders' tendency to utilize Bitcoin as a more active balance sheet tool during periods of market stress.