Bhutan has stepped up its Bitcoin transfers again. According to Arkham Intelligence, the Royal Government of Bhutan moved nearly $37 million in BTC on the day covered by the report, with part of the funds reaching wallet addresses linked to trading firm QCP Capital. Another $72 million was moved the previous week, taking Bhutan’s Bitcoin transfers in 2026 to more than $100 million.
Hydropower mining built the position, and 4,453 BTC remain
The report says Bhutan began mining Bitcoin around 2021 using surplus hydroelectric power generated by its mountain rivers. With electricity costs described as minimal, the state accumulated BTC through both drawdowns and rallies. By late 2024, its holdings had reached roughly 13,000 BTC at the peak. Bhutan now holds about 4,453 BTC, valued in the article at around $317 million, enough to rank it as the world’s seventh-largest government Bitcoin holder.
The sales are tied to state spending plans, not a distress move
The article frames the selling as intentional rather than forced. In December 2025, Bhutan said it would commit up to 10,000 BTC to help fund Gelephu Mindfulness City, a new special economic zone being built from scratch. Bitcoin proceeds also support public services. Prime Minister Tshering Tobgay has said those uses include healthcare and civil servant salaries. Because the coins were mined with excess hydropower, the report describes the sales as close to pure profit for the state.
A $71.1 million leveraged short opened on the same day
Bhutan’s transfers were not the only large Bitcoin trade highlighted. Analyst Gordon pointed to a major short position opened that day: $71.1 million betting on a BTC decline with 40x leverage. The liquidation level was listed at $78,902. Based on the price cited in the report, the position was already underwater. The account behind the trade had made more than 1,300 trades with a 62.5% win rate.
Bitcoin held near $71,794 as markets absorbed both flows
At the time of writing, Bitcoin was trading at about $71,794. The article says the market was absorbing both Bhutan’s outflows and the large leveraged short without obvious stress in price action. It also linked the broader setup to the five-day Iran ceasefire window announced by Trump on Monday, noting that the macro picture could shift quickly depending on whether those talks hold.