Bitcoin News; Bhutan Moves $45 Million in BTC in 48 Hours

TLDR

• Bhutan moved 643 BTC worth over $45 million in two days, Arkham data shows.
• State-linked Bitcoin outflows in 2026 have reached about $152 million.
• Bhutan still holds roughly 4,329 to 4,453 BTC worth over $290 million.
• The kingdom’s Bitcoin reserve peaked near 13,000 BTC in late 2024.
• Repeated transfers to QCP Capital suggest structured OTC selling activity.

Bhutan has moved 643 BTC worth more than $45 million to external wallets over the past two days, according to Arkham Intelligence data. The transfers have drawn attention to the kingdom’s ongoing management of state-backed Bitcoin reserves as the market trades under pressure.

The latest movement fits within a broader pattern observed in 2026. Data tied to Bhutan’s state holdings shows that the country has accelerated transfers from its Bitcoin treasury this year, with total outflows reaching about $152 million. One of the largest recent transactions involved 519.707 BTC, worth about $36.75 million, following an earlier cluster of transfers totaling roughly $72 million in a single week.

Source: Arkham

Bhutan became one of the earliest sovereign Bitcoin miners by using surplus hydroelectric power to build digital asset reserves. That approach allowed the country to accumulate a large treasury over several years at a very low production cost. At its peak in late 2024, Bhutan’s holdings were estimated at about 13,000 BTC. Current figures indicate that the reserve has fallen to about 4,329 to 4,453 BTC, still worth more than $290 million at recent prices.

State Bitcoin Sales Expand as Holdings Decline

The pace of Bhutan’s Bitcoin transfers has changed during 2026. In January and February, the country moved smaller amounts in the $5 million to $15 million range. In March, those transactions became much larger, with repeated transfers in the $35 million to $45 million range.

Market data has also pointed to repeated transfers involving Singapore-based QCP Capital. That pattern has led observers to view the activity as part of a more structured over-the-counter selling arrangement rather than isolated liquidations. The movement of coins to external wallets suggests a more organized capital-management strategy tied to Bhutan’s reserves.

Bhutan’s reserve drawdown has been steep when compared with its late-2024 peak. The reduction has been driven by both Bitcoin sales and the drop in Bitcoin’s market value from earlier highs. At one stage, the kingdom’s digital reserve was valued at nearly $1.88 billion. More recent estimates place the remaining holdings closer to $290 million to $315 million, depending on market pricing.

The reserve has also been linked to Bhutan’s earlier Bitcoin Development Pledge, which outlined plans to allocate up to 10,000 BTC for the Gelephu Mindfulness City project. With holdings now below 4,500 BTC, that earlier pledge appears far larger than the country’s current reserve base.

Bitcoin Price Pressure Meets Mixed On-Chain Signals

Bitcoin traded near $66,500 at the time of the latest reserve update, down about 4% over the prior 24 hours. The current market structure has remained volatile, with traders watching whether the price can hold support near the $66,000 zone.

Some market analysts have warned about downside risk if Bitcoin closes below that level. One chart-based view pointed to a repeated bearish flag pattern, with a possible move toward $46,000 if support breaks. That scenario has added caution to the near-term outlook, especially as macro uncertainty continues to shape market sentiment.

At the same time, on-chain data has offered a different signal. Santiment reported that wallets holding between 10 and 10,000 BTC accumulated 61,568 BTC over the past month, an increase of about 0.45%. The same data showed continued buying from smaller wallets, suggesting that both large and retail holders have been adding during the recent range.

Source: X

These mixed signals leave Bitcoin in a narrow zone between structural selling pressure and steady accumulation. Bhutan’s latest transfers add another layer to that picture, as sovereign selling enters the market while other holders continue to build positions.

Bhutan Remains a Major Government Bitcoin Holder

Despite the drawdown, Bhutan still ranks among the world’s larger government-linked Bitcoin holders. The United States remains the largest known sovereign holder with more than 328,000 BTC, but Bhutan’s remaining reserve keeps it among the more closely watched state participants in the market.

Bhutan’s strategy remains unusual because its Bitcoin reserve was built through hydroelectric mining rather than seizures or direct purchases.

That gives the country a different cost structure from most other government holders and allows it to convert mined reserves into capital when needed.

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