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Bhutan Discreetly Liquidates More Than $22 Million in Bitcoin, Sparking Speculation About Potential Sell-Offs
The Royal Government of Bhutan has transferred more than $22 million in BTC from sovereign wallets in just the past week, capturing the interest of the crypto community.
One transaction, which occurred 5 days ago, was sent directly to addresses associated with market maker QCP Capital, as revealed by Arkham data. These transactions are consistent with Bhutan’s regular sales of BTC since it commenced mining the cryptocurrency in 2019.
“Based on our observations, Bhutan typically sells BTC in batches of approximately $50M, with a notably intense selling phase around mid to late September 2025,” Arkham stated.
Bhutan has moved $22.4M of Bitcoin out of their wallets in the last week for sale. Their transfer 5 days ago was directed to the identified addresses of market maker QCP Capital.
From our observations, Bhutan periodically sells BTC in batches of around $50M, with a… pic.twitter.com/OsL3PzPZDp— Arkham (@arkham) February 4, 2026
Additionally, the Himalayan Kingdom’s cryptocurrency portfolio has decreased by over 70% from its peak of $1.4 billion to $412 million, following market declines.
According to Bitcoin Treasuries, Bhutan continues to be the seventh-largest government holder of Bitcoin.
Bhutan Heavily Mined BTC in 2023 – Data
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Bhutan has been engaged in Bitcoin mining since 2019 and has realized over $765 million in BTC profits.
“They mined the majority of their BTC prior to the halving in 2024 and significantly reduced their mining activities afterward,” the Arkham report noted. “This is due to the fact that the cost to mine a single Bitcoin approximately doubled, rendering mining less efficient.”
Moreover, the country appears to have mined 8,200 BTC in 2023 alone, marking it as the most productive mining year. It mined around 1,800 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 occur amidst Bitcoin’s decline to $70,000. The leading cryptocurrency has dropped 7.36% in the last 24 hours, surpassing the broader crypto market’s 6.39% decrease.
Despite the significant transfers, blockchain data analysts suggest that these are more likely to be internal reallocations or custodial adjustments rather than liquidations. The balances in the country’s wallets remain largely stable.
Bhutan has previously executed similar large wallet transfers without causing market crashes.
The post Bhutan Quietly Sells Over $22M in Bitcoin, Triggers Speculation Over Possible Sell-Offs appeared first on Cryptonews.
