The Bhutan government continued its profit-taking ploy after sending fresh Bitcoin worth over $49 million to QCP Capital and Binance.
Per blockchain tracking platform Arkham, the Bhutan government extended its Bitcoin selling streak on Monday, moving 502 BTC to QCP Capital and the leading exchange Binance. Notably, the shuffle coincided with a southbound Bitcoin momentum, with the asset correcting considerably in the past day.
Bhutan Shifts $49.42M in Bitcoin to Exchanges
Arkham’s data shows that a wallet tied to the Bhutan government moved bitcoins to two trading platforms. The first transaction involved QCP Capital, a Singapore-based trading platform, on Monday at 10:16 (UTC).
Bhutan transferred 402 BTC over four transactions to QCP Capital, worth $39.56 million at the time. After the series of transactions to the trading platform, the wallet made another notable transfer.
Per data, the wallet moved 103 BTC ($10.14 million) to a new wallet, “bc1qwug,” by 11:54 (UTC) the same day. Notably, the wallet held on to the tokens for nearly two hours before subsequently moving 100 BTC ($9.81 million) to the Binance Hot wallet.
BhutanNotably, the recent transactions are the latest in a series of movements carried out by Bhutan since October. Data shows that addresses linked to the country’s on-chain wallet have sold 1,696 BTC ($139 million) over the past two months at an average price of $81,999 per coin.
However, the Royal Government of Bhutan still holds 11,688 BTC, worth $1.15 billion at the time of writing. The small country remains the fourth-largest Bitcoin-holding government and the largest holder of the asset excluding balances from government confiscations.
Bitcoin Trades Under $100,000
Meanwhile, the sales coincided with a broader market correction, with Bitcoin and other assets retracing substantially. The pioneering cryptocurrency is down nearly 2% in the past 24 hours, trading below the psychological $100,000 level.
However, Bitcoin has still appreciated 3.49% in the past seven days and an impressive 29% in the past 30 days. At the time of writing, Bitcoin trades at $98,966 with a market cap of $1.95 trillion.
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