Bhutan's Bitcoin holdings have decreased by 66% from their peak, putting continuous selling pressure on the market.

According to Mars Finance, on March 26th, Decrypt reported that the Kingdom of Bhutan transferred another 519,707 bitcoins (approximately $36.75 million) to an external address on Wednesday, continuing its bitcoin reduction trend since 2026. On-chain data shows that the Bhutanese royal government currently holds 4,453 bitcoins, with a market value of approximately $315 million, a 66% decrease from its peak of nearly 13,000 bitcoins at the end of 2024. The total outflow since the beginning of the year has exceeded $150 million. The scale of Bhutan's sales is accelerating; in January and February, each transfer was between $5 million and $15 million, while in March it rose to $35 million to $45 million per transfer. Wednesday's transfer destination is consistent with the deposit model of trading platforms, but the specific destination has not yet been confirmed. Unlike most countries that accumulate bitcoins through purchases, Bhutan's holdings originate from its mining operations based on its abundant hydropower resources. In December 2025, Bhutan pledged up to 10,000 bitcoins for the development of the Gelephu Mindfulness City project, its southern economic hub. This sovereign sale is one of the largest government-led bitcoin reductions on record, putting sustained selling pressure on the market.