As BTC drops below $90,000, Bhutanese Bitcoin sales hit $100 million.

The Royal Government of Bhutan recently sold 367 Bitcoins worth $33.5 million on Binance.

According to data from Arkham Intelligence, the transaction took place on Thursday morning when the price of Bitcoin was above $90,000. Since then, Bitcoin has dropped more than 3% to $87,000.

Bhutan is still the first largest government holder of Bitcoin.

This sale follows a $66 million Bitcoin transaction two weeks ago when BTC hit $70,000. Combined, Bhutan spent nearly $100 million worth of bitcoins last month.

According to Arkham data, Bhutan still holds 12,206 bitcoins, currently worth $1.11 billion. These properties are managed by Druck Holdings and Investments. The government appears to be taking advantage of rising prices by selling some of its holdings during market rallies.

Bhutan is the fifth largest government holder of Bitcoin, following the United States, China, the United Kingdom and Ukraine. Unlike other countries that often buy bitcoins through asset seizures, Bhutan uses its hydroelectric resources to mine bitcoins.

Governments continue to benefit from market rallies.

Like Bhutan, several governments are looking to reap economic benefits from Bitcoin stockpiles in the current market rally. El Salvador is using the Bitcoin boom to pay back its national debt.

In 2021, El Salvador becomes the first country to accept Bitcoin as legal tender. Since then, the country's BTC reserves have grown to more than $515 million. The country recently raised $1.6 billion in funding to build the first Bitcoin city.

Bitcoin is rapidly growing into mainstream adoption this year. The approval of Bitcoin ETFs in January led to a surge in retail investment in the cryptocurrency. There has been significant regulatory change in the US since the re-election of Donald Trump.

Earlier today, US Republican Senator Lummis proposed a bill to require the Federal Reserve to sell gold and buy 1 million BTC to increase the government's Bitcoin reserves.

The state of Pennsylvania has also introduced a bill to allocate 10% of state funds to buy BTC. The state proposes to use Bitcoin as a hedge to fight inflation and diversify its investments.