Bhutan transferred about 175 Bitcoin worth roughly $12 million on Monday, pushing the total value of government-related Bitcoin movements this year to more than $42 million, according to blockchain analytics platform Arkham.
The transfer came from one of the country’s primary holding wallets as Bitcoin traded near $68,500.
Arkham said Bhutan periodically moves Bitcoin in smaller clips of roughly $5 million to $10 million, with the most recent transfer following a similar move about a month ago when the government sold roughly $7 million worth of BTC through QCP Capital.
Despite the transfers, Bhutan remains one of the largest sovereign Bitcoin holders, ranking seventh among countries with Bitcoin treasuries. The government currently holds around 5,425 BTC valued at approximately $372 million.