Bhutan Moves $37M in Bitcoin to Exchanges, Holdings Down Two-Thirds From Peak
Bhutan transferred 519.7 BTC (worth $36.75 million) to external addresses on Wednesday, accelerating its ongoing liquidation of sovereign Bitcoin holdings. The country's BTC reserves have dropped 66% from late 2024 peaks, now totaling 4,453 BTC (about $315 million), down from nearly 13,000 BTC last year. Year-to-date outflows exceed $150 million, with the pace of transfers increasing from $5–15 million amounts earlier in the year to $35–45 million recently. These outflows align with exchange deposit patterns, though exact destinations are unconfirmed. Bhutan’s large-scale Bitcoin sales are among the biggest by a government, adding selling pressure to the market. Unlike most states, Bhutan accumulated its Bitcoin mainly through hydropower-backed mining. As of December 2025, Bhutan pledged up to 10,000 BTC for the development of Gelephu Mindfulness City. Bitcoin is currently trading at approximately $69,410, down 3% on the day.
