Bhutan sells BTC worth 200 million USD, are they abandoning reserves?

Bhutan continues to sell Bitcoin as wallet balances sharply decrease in 2026.

According to Arkham data, the Royal Bhutan Government transferred a total of 23 million USD worth of Bitcoin this week. Specifically, on Thursday, Bhutan transferred 201 BTC, equivalent to 15 million USD. The day before, the country also transferred 102 BTC, valued at 7.9 million USD.

How much Bitcoin has Bhutan sold in 2026?

In early April, the Bhutan government sold 40 million USD worth of BTC. To date, the amount of BTC in monitored wallets has decreased by nearly half to 3,220 BTC. Specifically, in Q1 2026, Bhutan sold approximately 2,800 BTC, worth over 200 million USD at current market prices.

How has Bhutan’s Bitcoin reserve changed compared to its peak?

Data shows Bhutan held 6,000 BTC at the end of 2025. Compared to the peak of 13,000 BTC in 2024, the country has sold 75.23% of its monitored reserves. This trend indicates Bhutan’s holdings have shrunk very quickly compared to previous periods.

Source: Arkham

Why is there no inflow of funds into Bhutan’s wallet?

Notably, Bhutan’s wallets do not record any incoming funds. Current data does not show the country receiving additional BTC to compensate for the sales. This raises the possibility that Bhutan’s Bitcoin mining activities have temporarily halted, but there is no recent confirmation of this.

In previous years, Bhutan utilized abundant hydroelectric power to mine BTC and sell it to fund other economic development activities. It is still unclear whether the country will resume mining if BTC prices rise sharply.

Source: Arkham

Is Bhutan going against the trend of Bitcoin holdings among countries?

Although Bhutan has sold heavily, the total amount of BTC held by countries continues to increase steadily. According to the data cited, this BTC amount grew from 515,000 BTC in October last year to 649,800 BTC in May 2026, a 26% increase.

In other words, Bhutan is reducing its position while some other countries continue to accumulate. However, current data does not show the scale of buying and selling for countries other than Bhutan, so broader conclusions about their motives cannot yet be made.

Source: Bitcoin Treasuries

What could this trend mean for Bitcoin?

Market data from CryptoQuant shows that spot market demand continues to decline, while perpetual futures contracts are increasing. This combination is compared to the 2022 pattern, when BTC also experienced a subsequent decline.

Based on this, the impact of Bhutan’s sales cannot yet be separated from the broader market picture. Current data is insufficient to conclude that Bhutan’s sales are the direct cause of price volatility, but it coincides with weakening spot demand.

Source: CryptoQuant

Summary

Bhutan sold an additional 23 million USD worth of Bitcoin this week, sharply reducing the total monitored BTC since late 2025. Current data indicates the country has no inflow of funds into its wallets, while the broader market picture still leans toward weak spot demand and rising futures contracts. It remains unclear whether Bhutan will continue selling or pause in the near future.

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