Arkham: Bhutan has sold about $120M in bitcoin this year, cutting holdings by roughly 1,700 BTC

Blockchain analytics firm Arkham said Bhutan's government has been a net seller of bitcoin this year, offloading roughly $120 million worth and trimming its stash by about 1,700 BTC. Bhutan typically sells in $5 million to $10 million tranches, moving coins to exchanges or market makers such as QCP Capital. Transfer activity has picked up recently, with another 123.7 BTC (about $8.5 million) sent to a newly created address.