Bhutan Transfers $22M Worth of Its Bitcoin Holdings Amid Rising Mining Costs
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- Bhutan transferred $22 million worth of Bitcoin to QCP Capital.
- Arkham Intelligence reveals that Bhutan’s Bitcoin holdings dropped to 5,700 BTC.
- Bitcoin mining costs rose significantly after the 2024 halving event.
Data from Arkham Intelligence, a blockchain analytics platform, reveals that the Himalayan Kingdom of Bhutan moved over $22 million in Bitcoin from its national reserve this week.
Bhutan conducted the transaction in two batches: 184 BTC, worth approximately $14 million, on Wednesday, and another 100.8 BTC, worth about $8.3 million, which the country transferred last Friday.
Details of the transactions show that the government of Bhutan sent the withdrawn Bitcoins to QCP Capital, a leading Singapore-based cryptocurrency trading firm. Typically, transactions of this nature suggest an impending sale of the transferred digital assets.
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