Bhutan Sells Bitcoin, Dumps $120M Worth of BTC in 2026

The Royal Government of Bhutan has been gradually reducing its Bitcoin holdings, but recent activity shows the pace is picking up. According to Arkham Intelligence, the country has net sold around $120 million worth of BTC in 2026 so far, cutting its holdings by roughly 1,700 Bitcoin.

The latest move came on March 27, when 123.7 BTC, worth about $8.5 million, was transferred from a primary wallet to a new address. This follows a familiar pattern, where Bhutan typically breaks sales into smaller $5–10 million batches rather than executing large single transactions.

Bhutan Bitcoin Holdings: March Brings Bigger Transfers

Arkham reports that Bhutan has moved about $158.57 million worth of Bitcoin out of its wallets in 2026, while receiving $38.84 million back, resulting in a net outflow of roughly $120 million, likely directed to exchanges, market makers, or firms such as QCP Capital.

While earlier activity remained controlled, March marked a clear shift. On March 26 alone, Bhutan moved 519.7 BTC, part of a series of larger transfers that have accelerated in recent weeks.

Overall figures show about $158.5 million in Bitcoin has been moved out this year, with roughly $38.8 million flowing back in. That leaves a net outflow of around $120 million sent to exchanges, market makers, and trading firms such as QCP Capital.

This trend has significantly reduced Bhutan’s holdings, dropping from a peak near 13,000 BTC to around 4,453 BTC.

A Pattern of Controlled Liquidation

The selling pattern is also important. Bhutan typically doesn’t dump large amounts at once. Instead, it sells in smaller chunks of $5–10 million to avoid crashing the market. However, the transfer activity has picked up recently, suggesting the pace of selling is increasing.

Notably, January and February saw smaller transfers, including 184 BTC, 100 BTC sent to QCP Capital, and even a $1.5 million USDT movement to Binance.

By March, however, the pattern shifted. Transactions increased in size, ranging between $35 million and $45 million, including notable outflows of $72 million and $36.7 million in recent weeks.

Despite the growing scale, the strategy still avoids sudden market shocks by spreading activity across multiple transfers.

So, Is Bhutan Leaving Mining?

Not exactly. Mining likely continues, but at lower profitability. Online reactions have remained grounded. Discussions on Reddit suggest most participants view the sales as a simple liquidity move rather than a calculated market move.

Many believe Bhutan is converting Bitcoin into cash for practical needs, rather than attempting to time price movements. Some questioned whether the timing was ideal, while others pointed out that buyers likely absorbed the supply at discounted levels.

Debates also touched on Bitcoin’s usability in real-world transactions, but the broader takeaway was clear: this is seen as routine selling, not a turning point for the market.