Bhutan moved an additional 319 bitcoins from government-linked wallets, extending a selling trend that has continued since late last year. The transfer was worth about $22.68 million, and cumulative outflows since late October last year have exceeded 9,000 bitcoins. Bhutan\'s holdings fell to 3,654 bitcoins in April from about 13,000 at the end of last year, a drop of about 70 percent. The government has not issued a public statement on the move.

As bitcoin price weakness drags on, listed companies are reducing their holdings. Empery Digital sold 370 bitcoins at an average $66,632 each to raise $24.7 million and repaid an outstanding term loan, freeing about 1,800 bitcoins from collateral. Genius Group sold its remaining 84 bitcoins to repay $8.5 million in debt. Riot Platforms transferred 500 bitcoins worth about $34.13 million. Bhutan also sold 3,103 bitcoins, including 375 in a single transaction on March 30.