The Kingdom of Bhutan's Holding at Peak Declined by 66%, Creating Continued Selling Pressure on the Market

March 26 — A report from Decrypt reveals the Kingdom of Bhutan transferred 519.707 bitcoins (roughly $36.75 million) to an external address on Wednesday, continuing its bitcoin sell-off trend that began in 2026. On-chain data shows Bhutan’s royal government currently holds 4,453 bitcoins, worth roughly $315 million — a 66% drop from its peak of nearly 13,000 bitcoins at the end of 2024. Total outflows since the start of the year have topped $150 million. Bhutan’s sell-off pace is accelerating: January and February transfers ranged from $5 million to $15 million each, while March transfers have jumped to $35 million–$45 million apiece. Wednesday’s transfer destination aligns with typical exchange deposit patterns, though the exact recipient remains unconfirmed. Unlike most nations that accumulate bitcoin via purchases, Bhutan’s holdings stem from mining operations powered by its abundant hydroelectric resources. In December 2025, Bhutan committed to using up to 10,000 bitcoins to fund the Gelephu Mindfulness City project in its southern economic hub. This sovereign sell-off is among the largest government bitcoin disposals on record, exerting sustained selling pressure on the market.