Bhutan has offloaded another 100 Bitcoin worth approximately $6.7 million, marking the third consecutive week of BTC transfers, according to on-chain data flagged by Arkham Intelligence.
The transaction reportedly occurred around 16 hours before Arkham’s alert, with 100 BTC moved from wallets labeled as belonging to the Royal Government of Bhutan to an address identified as a QCP-linked WBTC merchant deposit.
Structured selling pattern emerges
Blockchain data shows this latest transfer is part of a broader pattern of gradual Bitcoin movement.
Recent weeks have included:
- A 184 BTC transfer
- Multiple 100 BTC batches
- Repeated deposits to exchange-linked or merchant addresses
The steady cadence suggests structured treasury management rather than a one-time liquidation event.
Arkham previously reported that Bhutan sold at least $100 million worth of Bitcoin in September 2025, indicating that the country’s offloading strategy has been ongoing for several months.
Mining slowdown after halving
Bhutan’s Bitcoin reserves are largely tied to state-backed mining initiatives. The country previously announced plans to expand mining capacity to up to 600 megawatts in partnership with Bitdeer Technologies.
However, Bitcoin’s April 2024 halving reduced block rewards, tightening margins for miners globally. Arkham noted that on-chain mining inflows from Bhutan appear to have slowed since the halving, potentially contributing to the country’s gradual treasury sales.
Lower mining yields combined with fluctuating Bitcoin prices may be influencing capital management decisions.
Bhutan still holds significant reserves
Despite three straight weeks of BTC transfers, Bhutan remains one of the more notable sovereign Bitcoin holders.
Arkham data estimates the country still controls approximately:
- 5,600 BTC
- Valued at around $372 million at current prices
This positions Bhutan among the largest government-linked Bitcoin holders worldwide.
Market impact and outlook
While exchange-linked deposits often signal preparation for selling, they do not automatically confirm immediate market liquidation. However, consistent weekly transfers can weigh on sentiment, particularly during fragile price conditions.
Traders will likely monitor whether Bhutan’s structured selling continues in the coming weeks and whether the remaining reserves are gradually reduced or strategically maintained.
For now, Bhutan’s actions appear measured rather than urgent, reflecting treasury rebalancing rather than panic liquidation.
