Is Bhutan selling Bitcoin again? Fresh on-chain data suggests the answer is yes. Arkham flagged a transfer of approximately $37.75 million in Bitcoin from Bhutan's main wallets. Part of the flow reached an address that frequently interacts with QCP Capital. While this does not confirm an instant market dump, it points to probable trading activity at a time when Bitcoin's price holds above $71,000.
Bhutan's Wallet Moves $37.75M BTC, Pattern Repeats
The latest activity adds to a busy two-week stretch. Last week, Bhutan-linked addresses moved $72.24 million in BTC, of which $31.95 million went to new unmarked wallets and at least $1.52 million reached QCP Capital. Arkham noted that Bhutan often sells in small clips of $5 million to $10 million, not in one giant block. This pattern was observed during a heavy selling period in mid-to-late September 2025.
The new transfer fits the same style. Earlier in February and March, Bhutan-linked wallets sent BTC in separate rounds worth about $22.4 million, nearly $11 million, and $72.3 million on March 17. The pattern looks less like panic and more like active treasury management.
Reserves Tumble from 13K BTC to 4,453 BTC
The drop in holdings is now stark. Arkham's portfolio view shows Bhutan holding about 4,453 BTC, worth roughly $317.6 million. That is far below the near-13,000 BTC level seen in October. The chart also showed small ETH and minor token balances, but Bitcoin remains the key asset.
Previous reports linked Bhutan's reserve growth to state-backed mining powered by cheap hydropower. That strategy helped the country build one of the world's most watched sovereign Bitcoin stacks. Now, with holdings down sharply, the market is watching whether Bhutan is shifting from mining-led accumulation to regular profit-taking and liquidity planning.
Bitcoin Price Stays Above $71K Despite Sales
The market reaction has been calm. CoinMarketCap showed BTC at $71,392.76, up 0.22% over 24 hours. Volume fell 17.77% in the same period, suggesting traders have not treated the transfer as a major shock. The government's latest move is important, but the broader market remains steady.
The key takeaway is scale. Bhutan still holds a large reserve, but the balance has fallen fast over recent months. If more $5 million to $10 million clips appear, Bhutan's selling could stay a live market theme through the next quarter.