Bhutan Accelerates Bitcoin Sell-Off With $17.7M Transfer to Exchanges
Bhutan has stepped up its Bitcoin selling activity, moving another 250 BTC worth about $17.73 million to exchanges, to blockchain analytics platform Arkham Intelligence.
The latest move represents roughly 6.3% of its holdings and adds to a growing pattern of steady, calculated sell-offs.
Notably, Bhutan moved a total of 319.7 BTC worth $22.67 million in its latest transaction. Some funds sent through new wallets and major platforms like OKX and Galaxy Digital, following a consistent pattern seen in earlier transactions.
Data shows that since the start of 2026, Bhutan has moved over $215 million worth of out of its wallets, with around $162 million flowing into unmarked addresses.
The country has historically sold in smaller tranches of $5–$10 million, but recent activity suggests a faster pace of liquidation.
Even with these sales, Bhutan still holds about 3,954 BTC (around $280 million). However, that’s much lower than its peak of about 13,000 BTC in October 2024, with over 2,000 BTC sold just this year.
Bhutan’s selling is part of a broader trend, with companies and institutions also cashing out some of their Bitcoin as prices remain stable and uncertain.
For example, Empery Digital sold 370 BTC to repay debt, and Genius Group sold all its Bitcoin holdings. Riot Platforms has also been selling, including a recent 500 BTC deal, as it shifts focus to AI and high-performance computing.
Despite this, public companies still hold over 1.16 million BTC, more than 5% of the total supply, showing institutions are still heavily invested overall.
Indeed, more Bitcoin selling by governments and companies is putting pressure on the market, which is already shaky. Bhutan’s approach stands out because it’s selling gradually over time, not reacting to short-term price changes. It appears the country is reducing risk after building up large holdings.
If this trend continues, it could slow Bitcoin’s price growth in the short term. Notably, Bitcoin is trading at $71,400 at press time, reflecting a dip of 43% from its all-time high.
