Bhutan has conducted approximately $72.3 million in Bitcoin transfers over the past 24 hours, marking a continued trend of reduction in the country's sovereign Bitcoin holdings.
According to monitoring by on-chain data analysis platform Arkham Intelligence, the Bhutanese government regularly sells Bitcoin in the range of $5 million to $10 million. However, the scale of this transfer appears to be more significant than activities observed around September 2025.
Following this transfer, Bhutan currently holds over 4,400 Bitcoins, valued at more than $322 million based on current market prices. Back in October 2024, Bhutan held 13,295 Bitcoins, which was the peak of its holdings. Since then, the country has gradually reduced its Bitcoin reserves through a series of on-chain transfers.
Bhutan's Bitcoin Strategy
Arkham Intelligence also noted that in the past year, wallets associated with Bhutan have not seen inflows exceeding $100 million. This has sparked widespread speculation in the crypto community that the country may have scaled back or even halted its Bitcoin mining operations. However, there has been no official confirmation regarding the suspension of its mining activities.
Earlier reports mentioned that Bhutan has been utilizing renewable energy, particularly hydropower, to support its Bitcoin mining operations. This large-scale Bitcoin transfer coincides with a more than 4.5% drop in Bitcoin prices over the past 24 hours, falling below $71,000. Higher-than-expected inflation data from the U.S. has raised concerns among investors, leading to a cautious market sentiment.
The large-scale sell-off by sovereign entities like Bhutan could further exacerbate downward pressure on Bitcoin prices, especially during a time when the market is highly sensitive to diminished confidence from institutional investors and potential selling pressure from major holders.