Bhutan Quietly Sells Over $22M in Bitcoin: On-Chain Data

The Royal Government of Bhutan has moved over $22 million in BTC out of sovereign wallets over the past week alone, drawing attention from the crypto community.

One transaction, 5 days ago, was directly sent to addresses linked to market maker QCP Capital, Arkham data revealed. The moves align with Bhutan’s periodic sales of BTC since it began mining the crypto in 2019.

“From our observations, Bhutan periodically sells BTC in clips of around $50M, with a particularly heavy period of selling around mid-late September 2025,” Arkham wrote.

Besides, the Himalayan Kingdom’s crypto portfolio has gone down more than 70% from its $1.4 billion peak to $412 million, following market depreciation.

Per Bitcoin Treasuries, Bhutan remains the seventh-largest government Bitcoin holder.

Bhutan Heavily Mined BTC in 2023 – Data

Bhutan has been mining Bitcoin since 2019 and saw more than $765 million in BTC profit.

“They mined most of their BTC before the halving in 2024, and tapered heavily after that,” said the Arkham report. “This is because the cost to mine a single Bitcoin roughly doubled, which made mining less efficient.”

Further, the nation seems to have mined 8,200 BTC in 2023 alone, making it the heaviest mining year. It approximately mined 1800 BTC in 2022 and 300 BTC in 2024.

Wallet Transfers Show No Sign of Liquidation

The BTC transfers from the government wallet in the past week come after Bitcoin has been slumping to $70,000. The largest crypto has tumbled 7.36% over the last 24 hours, outpacing the broader crypto market’s 6.39% fall.

Despite the heavy transfers, blockchain data analysts note that they are more likely to be internal reallocation or custodial arrangements rather than liquidation. The country’s wallet balances remain largely unchanged.

Bhutan has made similar mass wallet moves in the past without triggering market crashes.

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