The government of Bhutan is aggressively selling Bitcoin while the price holds above $71,000
In a notable move, the Kingdom of Bhutan has just executed Bitcoin transfers totaling tens of millions of US dollars, occurring against the backdrop of Bitcoin prices maintaining above the $71,000 threshold. This move continues Bhutan's strategy of gradually reducing its Bitcoin holdings, part of a portfolio management plan and aimed at long-term development goals.
On-chain data from Arkham Intelligence indicates that in the last 24 hours, Bhutan has transferred approximately 519.7 BTC, equivalent to about $36.75 million. This Bitcoin was sent to two new wallets, one of which is associated with trading firm QCP Capital. Previously, on March 17, 2026, Bhutan also sold over 973 BTC (approximately $72.3 million). These transactions are often viewed by analysts as signs of potential upcoming sales.
Bhutan's Bitcoin transfers are not new, but rather part of an ongoing strategy. Since the beginning of 2026, the country has transferred or sold over $40 million in Bitcoin. However, the scale and frequency of recent transactions indicate an increase in selling activity.
Bhutan's Bitcoin reserves have significantly decreased, from a peak of 13,295 BTC in October 2024 to just over 4,400 BTC (approximately $322 million) currently. The country was once one of the significant state-level holders of Bitcoin, mainly accumulating through state-backed mining operations.
In a notable move, the Kingdom of Bhutan has just executed Bitcoin transfers totaling tens of millions of US dollars, occurring against the backdrop of Bitcoin prices maintaining above the $71,000 threshold. This move continues Bhutan's strategy of gradually reducing its Bitcoin holdings, part of a portfolio management plan and aimed at long-term development goals.
On-chain data from Arkham Intelligence indicates that in the last 24 hours, Bhutan has transferred approximately 519.7 BTC, equivalent to about $36.75 million. This Bitcoin was sent to two new wallets, one of which is associated with trading firm QCP Capital. Previously, on March 17, 2026, Bhutan also sold over 973 BTC (approximately $72.3 million). These transactions are often viewed by analysts as signs of potential upcoming sales.
Bhutan's Bitcoin transfers are not new, but rather part of an ongoing strategy. Since the beginning of 2026, the country has transferred or sold over $40 million in Bitcoin. However, the scale and frequency of recent transactions indicate an increase in selling activity.
Bhutan's Bitcoin reserves have significantly decreased, from a peak of 13,295 BTC in October 2024 to just over 4,400 BTC (approximately $322 million) currently. The country was once one of the significant state-level holders of Bitcoin, mainly accumulating through state-backed mining operations.
