$12M Bitcoin Transfer From Bhutan Sparks Buzz as BTC Snaps Back Above $70K ⋆ ZyCrypto

The Royal Government of Bhutan has resumed moving Bitcoin after weeks of dormancy, transferring 175 BTC from its main holding address as Bitcoin climbed back above $70,000.

Bhutan Sells $42 Worth Of Bitcoin In 2026

Bhutan is cashing in on Bitcoin, again.

Bhutan moved approximately 175 Bitcoin— valued at around $12 million— late on Monday, bringing the total value of government-linked Bitcoin transfers in 2026 to over $42 million, according to blockchain tracking platform Arkham.

While the exact reason behind the sell-off isn’t clear, Arkham noted that the tiny Himalayan nation tends to sell Bitcoin in smaller tranches ranging between $5 million and $10 million whenever prices rally. The latest movement comes about a month after a similar transaction in which the government sold nearly $7 million worth of BTC through QCP Capital.

At present, the Bhutanese government still controls about 5,400 Bitcoin, even after this round of selling, a stack currently valued at approximately $374 million. The crypto reserves are managed by the nation’s sovereign wealth fund, Druk Holding & Investments.

Bitcoin Treasuries data shows Bhutan as the seventh-largest Bitcoin holder among nation-states, trailing the US, China, the UK, Ukraine, El Salvador, and the United Arab Emirates.

Bhutan has largely accumulated its Bitcoin holdings through mining, leveraging the country’s abundant hydroelectric power. The Royal Government of Bhutan is going full tilt on crypto — backed by environmentally friendly mining practices and bold infrastructure projects like Gelephu Mindfulness City, built in collaboration with Bitdeer. In December, Bhutan made headlines with its Bitcoin Development Pledge, committing up to 10,000 BTC to fund the City.

The latest transfers are relatively modest compared with last July, when Bhutan moved more than $60 million worth of Bitcoin over four days. Following those transactions, the country held over 11,000 BTC, valued at about $1.4 billion—an amount equal to more than 40% of Bhutan’s GDP.

Bitcoin Reclaims $70K

Meanwhile, Bitcoin appears to be finding its footing, showing initial signs of stabilization following weeks of market stress.

Per CoinGecko data, the apex crypto is up 4.8% on the day to around $70,870, showing relative resilience following last week’s declines caused by geopolitical headwinds and higher oil prices.

Support from institutional investors has remained steady, helping to bolster the market.

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) drew about $568 million in net inflows last week, following $787 million the week prior, according to data from SoSoValue, pushing cumulative net inflows across the products above $55 billion. The 11 BTC funds posted $167 million in net inflows on Monday, continuing their positive streak.