Bhutan’s reserves have dropped from roughly 13,000 BTC to around 3,654 BTC, a decline of about 70%. Despite the sell-off, Bhutan is still one of the top five nation-state Bitcoin holders. Meanwhile, Bitcoin’s price has remained relatively stable over the past 24 hours, trading near $71,000 with a slight decline of about 0.69%.
Bhutan Dumps More Bitcoin
Recent blockchain data indicates that a wallet linked to the Royal Government of Bhutan and its investment arm, Druk Holding & Investment, transferred approximately 319 BTC, valued at around $22.68 million. This latest movement adds to the trend that has seen Bhutan offload more than 9,000 BTC since late October of 2024.
Bhutan’s Bitcoin balance history (Arkham Intelligence)
The pace of selling has been particularly interesting over the past few months. In March alone, Bhutan moved over 1,667 BTC, worth roughly $120 million, which contributed to a sharp decline in its holdings from around 13,000 BTC in late 2024 to approximately 3,654 BTC as of April.
This is a reduction of roughly 70%, though Bhutan still ranks among the top five nation-state Bitcoin holders globally, trailing only the United States, the United Kingdom, El Salvador, and the United Arab Emirates. Despite the scale of these transactions, Bhutanese authorities have not issued any official statements, and the activity has been shared through blockchain analytics platforms like Arkham Intelligence.
This sell-off comes against the backdrop of Bhutan’s unique approach to Bitcoin accumulation, which has been largely driven by state-backed mining operations powered by surplus hydropower. The country positioned this strategy as part of a “green Bitcoin economy,” by taking advantage of renewable energy to generate digital assets while diversifying national revenue streams. Bitcoin mining has allowed Bhutan to convert excess electricity into a globally tradable asset.
Meanwhile, Bitcoin’s price action over the past 24 hours reflects a relatively stable but slightly bearish trend. The asset traded around the $71,000 level, and posted a minor decline of approximately 0.69%.
BTC’s price action over the past 24 hours (Source: CoinCodex)
Price movements show fluctuations within a narrow range, with brief upward momentum followed by periods of consolidation and mild pullbacks. This stability suggests that, despite sovereign selling activity like Bhutan’s, the overall market continues to absorb supply without triggering major downside pressure.