Bhutan is back in the spotlight of the crypto market. This small country in Asia has been observed releasing 100 Bitcoin (BTC) worth approximately US$6.7 million (±Rp113 billion) while prices are sharply correcting.
Data from Arkham Intelligence shows that the BTC was transferred to the wallet of Singapore-based crypto trading company, QCP Capital.
Not just once. In the last 3 months, Bhutan has also been recorded actively transferring Bitcoin to various different addresses.
This move occurs amid significant market pressure. According to CoinMarketCap, Bitcoin has dropped about 46% from its peak of US$126,000.
Not only BTC, hundreds of Ethereum (ETH) worth tens of millions of dollars have also been released.
Currently, Bhutan's remaining holdings are approximately:
• 5.600 $BTC (±US$379 million)
• 24 $ETH (±US$49 thousand)
The question now is:
Is this a form of panic, risk management, or a profit-taking strategy?
In times of market volatility, the actions of large players such as countries can be an important signal for retail investors.
What do you think? 👇
Disclaimer: This post is for educational purposes only, not an invitation to buy or sell investment assets.
