Bhutan has net sold about $120 million worth of Bitcoin in 2026, according to on-chain data cited from Arkham Intelligence. The country’s holdings have been reduced by roughly 1,700 BTC. The latest reported move came on March 27, when 123.7 BTC was transferred from a primary wallet to a new address, a transaction valued in the report at about $8.5 million.
Total outflows reached $158.57 million this year
Arkham’s figures show Bhutan moved about $158.57 million in Bitcoin out of its wallets in 2026, while receiving roughly $38.84 million back. That leaves a net outflow of around $120 million. The report said those transfers were likely directed to exchanges, market makers, or trading firms such as QCP Capital. Funds moved both ways on-chain, but the net trend points to continued reduction in holdings.
Bhutan’s Bitcoin balance has fallen from a peak near 13,000 BTC to around 4,453 BTC. The decline has not come through a single disposal. It has been spread across multiple transactions over time.
March showed a clear jump in transfer size
The selling pattern remains central to the story. Bhutan has typically avoided unloading a large amount in one shot, choosing instead to break transfers into $5 million to $10 million batches. Earlier activity in January and February was smaller, including transfers of 184 BTC, 100 BTC sent to QCP Capital, and a $1.5 million USDT movement to Binance.
That changed in March. On March 26 alone, Bhutan moved 519.7 BTC. The article also described recent transfers in the $35 million to $45 million range, including outflows of $72 million and $36.7 million. Even with larger amounts, the activity was still distributed across separate transactions rather than executed as a single block sale.
Reported as a liquidity move, not a full exit
The source article said online discussion has largely treated the sales as a liquidity move rather than an effort to time the market. It also said Bhutan is not necessarily leaving mining, though profitability may be lower than before.
Based on the information provided, the sales have been framed as routine and controlled. The report does not present them as a broad exit from crypto holdings or as a turning point for the wider Bitcoin market.