Bhutan Sells Bitcoin as $410M Leaves ETFs

Bhutan sold $30M in Bitcoin in February as spot BTC ETFs recorded $410.37M in net outflows, with BTC near $66,000.

Bhutan Sells More Bitcoin as $410M Exits BTC ETFs, adding pressure to the market as Bitcoin trades near $66,000.

Recent blockchain data shows fresh transfers linked to the Royal Government of Bhutan while institutional investors withdraw funds from spot Bitcoin ETFs.

Bhutan Extends February Bitcoin Sales

On-chain data from Arkham shows that the Royal Government of Bhutan moved $6.7 million worth of Bitcoin to QCP Capital.

QCP Capital is a Singapore-based institutional market maker. The transfer forms part of a broader selling trend during February.

Earlier transactions involved 184.03 BTC valued at $14.09 million and 100.82 BTC worth $8.31 million.

These transfers were linked to Druk Holding Investments, the investment arm of Bhutan. Both transactions were directed to wallets associated with QCP Capital.

Arkham data suggests the government often sells Bitcoin in tranches near $50 million.

Records show larger disposals during September 2025, with some transactions exceeding that level. The recent February sales total about $30 million so far.

Bitcoin Holdings Decline From Peak Levels

Bhutan has accumulated Bitcoin through mining operations since 2019. Its holdings reached a peak of 13,295 BTC in October 2024.

Current estimates show reserves have declined to around 5,600 BTC.

According to Bitcoin Treasuries data, Bhutan ranks seventh globally in sovereign Bitcoin holdings.

The reduction in holdings reflects continued portfolio adjustments during market weakness. Bitcoin recently traded close to $66,000 amid broader selling activity.

The scale of the latest transfers remains smaller than previous liquidation phases. However, the steady outflows coincide with softer price action.

Market participants continue to monitor sovereign wallet movements for further changes.

Related Reading:  Bhutan Trims Bitcoin Reserves as Mining Conditions Worsen

$410M Exits Spot Bitcoin ETFs

Institutional flows also show heavy withdrawals from spot Bitcoin ETFs. Data from SoSoValue recorded $410.37 million in net outflows in a single trading session.

The largest daily outflow came from BlackRock’s IBIT, totaling $157.56 million.

Fidelity’s FBTC followed with $104.13 million in net outflows. The withdrawals occurred as Bitcoin approached options expiry.

The price slipped toward $66,000 during the same period.

Standard Chartered recently lowered its 2026 Bitcoin price target to $50,000. The revision contrasts with Bernstein, which maintained a $150,000 forecast.

Bernstein described the current pullback as the “weakest bear case” and cited “no major failures” in market structure.

The combined effect of sovereign sales and ETF outflows has increased short-term supply. Traders are now watching fund flow data and on-chain transfers for further direction.