The Royal Government of Bhutan has transferred over $22 million worth of BTC from sovereign wallets recently, stirring speculation about possible sell-offs. Bhutan, a significant government holder and miner of Bitcoin since 2019, has seen its crypto portfolio decline by more than 70% from its peak due to market depreciation. Analysts suggest these moves are likely internal reallocations rather than outright liquidations, with Bhutan historically making similar transfers without triggering market crashes.

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