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Bhutan moved $22.4 million in Bitcoin out of sovereign wallets this week, including a direct transaction to institutional market maker QCP Capital. The Himalayan nation’s crypto portfolio has dropped from a $1.4 billion peak to about $412 million.
The outflows continue a pattern of periodic liquidations by the Royal Government of Bhutan, which began mining and holding Bitcoin in 2019. These recent transactions highlight questions facing sovereign crypto strategies amid ongoing market pressures.
