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Bhutan government-linked address transfers 175 BTC worth $11M on March 9

A Bhutanese government address transferred 175 BTC valued at $11 million from its holding address on March 9, Arkham data cited by ChainThink show. The same address sold $7 million in Bitcoin through QCP Capital a month earlier. Bhutan has been offloading portions of its Bitcoin reserves in batches of $5 million to $10 million, with concentrated sales occurring in mid to late September 2025.
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