Bhutan's Sovereign Bitcoin Holdings Shift to Exchanges Amid Market Dip to $70K

The Kingdom of Bhutan has initiated a transfer of its sovereign Bitcoin (BTC) holdings to registered cryptocurrency trading firms and exchanges. This strategic move coincides with a market correction that saw Bitcoin's price decline to approximately $70,000. The transaction, tracked via on-chain data, indicates a significant shift in the nation's asset management strategy for its digital currency reserves. Market analysts are closely monitoring the flow of these BTC holdings, as large-scale movements from a sovereign entity can influence market liquidity and sentiment. This development highlights the growing intersection of national treasury management and the dynamic cryptocurrency market, even as prices experience volatility.