UPDATE: Bhutan Cuts Bitcoin Holdings by More Than 60%

Bhutan has sold about $120 million in Bitcoin so far this year, according to reports. The country's Bitcoin holdings are now roughly 60% below peak levels. Blockchain analytics firm Arkham said 123.7 BTC was transferred on March 27. A few days earlier, 519.7 BTC was moved in a larger sale. Authorities have been using OTC desks to reduce market impact.