Bhutan has intensified its Bitcoin sales this year, offloading nearly $120 million worth of BTC and cutting its holdings by around 1,700 coins. The government typically breaks its sales into smaller batches of $5 million to $10 million, routing funds through exchanges or market makers such as QCP Capital to manage liquidity. In recent weeks, transfer activity has accelerated, including a fresh move of 123.7 BTC valued at about $8.5 million, signaling continued strategic selling.
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