The Royal Government of Bhutan transferred 402 Bitcoin (BTC) worth $39.56 million to QCP Capital. This is the latest in a series of transactions from Bhutan’s government, which has been actively selling its Bitcoin reserves since October. The government has not disclosed the reasons behind these transactions, but deposits to cryptocurrency exchanges are often associated with intentions to sell. In October, it 929 BTC, valued at $66.16 million, to Binance across two transactions. These occurred shortly after Bitcoin surpassed $70,000 for the first time since June.
Source: Wayne Jones, 2024-12-10; https://cryptopotato.com/bhutans-government-transfers-40m-in-bitcoin-to-qcp-capital/