Bhutan Government is Selling Its Bitcoin Again Despite Price Recovery

Bhutan appears to have transferred and likely sold a fresh batch of Bitcoin on March 17, moving nearly $27 million in a series of transactions, according to on-chain data from Arkham Intelligence.

The transfers include two large volumes sent to new addresses, alongside a smaller 20.5 BTC ($1.5 million) transfer routed to a wallet linked to QCP Capital, a known market maker. The pattern suggests structured offloading rather than a single bulk sale.

This marks Bhutan’s largest daily movement in recent weeks, exceeding earlier March activity when the government moved around 175 BTC (~$12 million) in one tranche.

Importantly, this activity continues a broader trend. Since January 2026, Bhutan has moved or sold over $40 million in Bitcoin, typically in smaller, periodic batches. 

The country still holds a substantial reserve, estimated at over 5,000 BTC, accumulated primarily through state-backed mining powered by hydropower.

However, the increase in transaction size may signal a shift. 

While Bhutan has historically sold in controlled tranches to limit market impact, recent larger transfers suggest growing liquidity needs or more active treasury management.

At the same time, Bitcoin mining economics have tightened following the 2024 halving. This has raised operational costs, potentially pushing the government to realize profits from earlier mined holdings.

These developments come as the Bitcoin price has recovered to $75,000 earlier today, a 2-month high. 

There are new bullish indicators in the BTC market, driven by fresh US ETF inflows and whale activity.