Here’s a clear breakdown of the situation regarding Bhutan’s latest Bitcoin sale:
🇧🇹 Bhutan Sells Another 100 BTC
According to blockchain analytics firm Arkham Intelligence, Bhutan has transferred 100 Bitcoin (BTC) — worth approximately $6.7 million — from wallets attributed to the Royal Government of Bhutan to a QCP-linked WBTC merchant address.
This marks the third consecutive week of Bitcoin transfers.
📊 Pattern Suggests Structured Selling
On-chain data shows a consistent pattern of transactions, including:
- 184 BTC transfers
- 100 BTC transfers
- Repeated deposits to exchange-linked or merchant addresses
Rather than a single large liquidation, the pattern suggests gradual treasury management, possibly to manage liquidity or fund operations.
Repeated transfers to exchange-associated addresses often indicate preparation for sale, although they don’t confirm immediate market dumping.
⛏️ Mining Slowdown After Halving
Bhutan’s Bitcoin holdings are largely tied to state-backed mining initiatives. The country partnered with Bitdeer Technologies to expand mining capacity up to 600 megawatts.
However, after the April 2024 Bitcoin halving, mining rewards were cut in half, reducing profitability across the industry. On-chain data shows Bhutan’s mining inflows have slowed since then, which may explain the recent measured sales.
💰 How Much Bitcoin Does Bhutan Still Hold?
Despite the recent transfers:
- Bhutan still holds approximately 5,600 BTC
- Estimated value: ~$372 million
- This keeps Bhutan among the largest sovereign Bitcoin holders globally
🔎 What This Could Mean
The steady weekly transfers suggest:
- Liquidity management rather than panic selling
- Possible funding of government initiatives
- Adjustment to post-halving mining economics
Market watchers will likely keep an eye on whether the weekly transfer pattern continues.
If you’d like, I can also compare Bhutan’s holdings to other sovereign BTC holders or analyze potential market impact.
 — worth approximately $6....){kind=link}