Bhutan has moved roughly $37 million in Bitcoin, signaling continued sovereign selling. On-chain data shows transfers to institutional trading desks, suggesting structured OTC transactions. The move follows recent large transfers, reinforcing signs that Bhutan is actively managing and reducing its Bitcoin holdings.
According to the Arkham Intelligence, Bhutan transferred about worth of Bitcoin from government-linked wallets. Blockchain data shows funds moving to institutional desks, including QCP Capital. These transfers suggest over-the-counter sales rather than direct exchange selling.
This latest move follows another large transfer of around $72 million last week. Combined activity indicates Bhutan has been steadily reducing its Bitcoin exposure.
Bhutan’s sovereign wealth fund, Druk Holding and Investments, has sold over $110 million in Bitcoin this year. The country’s holdings have declined significantly from peak levels.
Bhutan previously held more than 13,000 Bitcoin at its peak in 2024. Most of these holdings came from state-backed mining powered by surplus hydroelectric energy.
According to on-chain estimates, Bhutan’s remaining stash has fallen to about 4,453 BTC. The holdings are still valued at over $300 million but far below previous levels.
Unlike countries that bought Bitcoin on exchanges, Bhutan mined most of its stash cheaply using renewable energy. This allows it to sell strategically without realizing losses, basically turning extra power into capital.
Interestingly, on-chain data shows barely any new Bitcoin coming in from mining lately, suggesting Bhutan might have scaled back or paused operations after the halving, possibly shifting its energy focus elsewhere.
While sovereign Bitcoin selling can pressure markets, Bhutan’s approach by breaking sales into smaller chunks and using OTC desks has so far minimized price disruption. Still, analysts warn that a big state holder steadily selling could introduce persistent sell-side pressure, especially with macro conditions already being fragile.
Bitcoin itself has been rather volatile in March, with its price ranging from $65,000 to $75,000. In fact, most big-name cryptocurrencies performed in a similar manner.
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