Bhutan periodically sells BTC in batches of approximately $50 million, with the strongest selling period occurring between mid and late September 2025.
The Royal Government of Bhutan has moved over $22 million worth of Bitcoin out of sovereign wallets in just the past week, drawing attention from the crypto community.
According to data from Arkham, a transaction five days ago was sent directly to addresses associated with market maker QCP Capital. These moves are consistent with Bhutan's pattern of periodically selling BTC since the country began mining Bitcoin in 2019.
Arkham wrote: “In our observation, Bhutan periodically sells BTC in batches of approximately $50 million, with a particularly strong selling period around mid-to-late September 2025.”
In addition, the Himalayan kingdom's crypto portfolio has decreased by more than 70%, from a peak of $1.4 billion to approximately $412 million, due to the overall market downturn.
According to Bitcoin Treasureries, Bhutan remains the 7th largest Bitcoin holder by any government in the world.
Bhutan was the most active BTC miner in 2023 – Data
Bhutan has been mining Bitcoin since 2019 and has recorded over $765 million in profits from BTC.
Arkham 's report stated: "The majority of their BTC was mined before the 2024 halving, and mining activity has since significantly decreased. This is because the cost of mining one Bitcoin has nearly doubled, making Mining less efficient."
Furthermore, the country appears to have mined around 8,200 BTC in 2023 alone, making it its strongest mining year ever. Prior to that, Bhutan is estimated to have mined around 1,800 BTC in 2022 and 300 BTC in 2024.
Wallet transfer shows no signs of liquidation.
The BTC transfers from government wallets over the past week occurred amidst a drop in Bitcoin's price to around $70,000. The largest cryptocurrency by market capitalization has fallen 7.36% in the last 24 hours, a sharper decline than the overall crypto market's 6.39% drop.
Despite the large volume of wallet transfers, blockchain data analysts believe this is more likely an internal reallocation or custody arrangement, rather than a liquidation sale. Bhutan's wallet balances remain largely unchanged.
Bhutan has previously carried out similar large-scale wallet transfers without causing any market crashes.
