Bhutan has moved $22.3 million worth of Bitcoin in its latest manoeuvre, intensifying market concerns as the flagship crypto trades near $70,000.
Blockchain intelligence firm Arkham has recently flagged two separate transfers from Bhutanese wallets linked to Druk Holding & Investments (DHI), the kingdom’s sovereign wealth fund.
The first, recorded last Friday, involved 100.8 BTC valued at $8.3 million. A second and larger tranche of 184 BTC, worth approximately $14 million, was sent on Wednesday.
Both were directed to Singapore-based QCP Capital, a known market maker that typically facilitates asset conversion into fiat or stablecoins.
Though the nation’s intent behind the recent transfers remains unconfirmed, the timing has amplified bearish sentiment.
Historical precedent shows that not all large outbound transfers from DHI signal sales. Bhutan has a documented pattern of conducting internal reshuffles, test transfers, and collateral-backed swaps.
However, traders may interpret these moves as signals that even long-term institutional holders are opting for liquidity.
This perception can spark a cascading crowding effect where investors preemptively exit positions, fearing additional sales.
Bhutan’s history of Bitcoin sales
Since 2019, Bhutan has mined over $765 million in Bitcoin using its abundant hydroelectric power.
At its peak in October 2024, the country held 13,295 BTC. That figure has now shrunk to 5,700 BTC following a string of methodical disposals, many occurring in batches of $50 million, with the most aggressive stretch taking place between September and November 2025.
These sales have reportedly funded national salary hikes and offset a spike in mining costs post-halving.
Bhutan mined 8,200 BTC in 2023, but that figure dropped to an estimated 3,000 BTC in 2024, with the cost to produce each coin nearly doubling since the last halving.
Despite scaling back its output, the kingdom has refined its treasury strategy, treating its Bitcoin not merely as a store of value but as an agile macroeconomic instrument.
Is Bitcoin price at risk?
Still, the optics of these latest transfers come at a delicate moment.
Bitcoin has tumbled more than 42% from its all-time high of $126,080 in October 2025 to levels nears $70,000, with sentiment sinking to levels not seen since mid-2022.
Contributing factors include escalating geopolitical tensions tied to President Donald Trump’s war footing and tariff threats, and ongoing uncertainty over regulatory clarity in Washington.
Should the market slip further, Bitcoin could accelerate toward $60,000 or even the 200-week moving average near $58,000.
Sovereign wallets moving large amounts into market maker addresses during this fragile phase have thus become psychological tripwires.
Bhutan’s treasury behaviour further plays into an ongoing theme of collateral stress in 2026. Bitcoin, once seen as a hedge, has underperformed against traditional safe havens like gold and silver.
This performance gap has made DHI’s blockchain activity a focal point for algorithmic trading bots.
Even if the recent transfers reflect collateral repositioning or over-the-counter arrangements, not outright liquidation, the automated nature of modern markets can translate benign moves into sell-side triggers.
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