The Bhutanese government is back in the spotlight in the crypto community thanks to a new Bitcoin move. According to Spot on Chain, the country recently moved 751 BTC worth about $74.15 million to three newly created wallets.

The move coincided with the flagship asset falling below $99,000, sparking speculation in the market. Crypto investors began talking about a possible Bitcoin sell-off . However, Spot On Chain suggested that the transfer was related to an internal movement of funds, rather than a sell-off.

Indeed, previous transfers did not result in Bitcoin being withdrawn to crypto exchanges. For example, on January 17, Bhutan transferred 633 BTC to new wallets, but no additional transactions followed. However, in December 2024, the government sold 402 BTC through an over-the-counter transaction with QCP Capital. It took place at an average price of $98,700 per coin and brought the country about $39.7 million.

Bhutan currently holds around 10,600 BTC in its Bitcoin reserves, worth around $1.05 billion, making the Kingdom the fourth-largest holder of the leading cryptocurrency.

Bhutan is getting Bitcoins from its powerful hydroelectric power plant. In April, the country entered into a strategic partnership with miner Bitdeer Technologies to increase its Bitcoin mining capacity and boost profits.