Bhutan offloads $40 million in Bitcoin in a week, trims holdings 70% since late 2024 peak

The Kingdom of Bhutan has reduced its Bitcoin exposure by about 70% over the past few months, according to data cited from Arkham. The latest reported activity shows the country offloaded $18 million worth of BTC (250 coins) on April 10, following a prior sell-off of 319.7 BTC worth more than $22 million on April 9.

Recent sales and 2026 totals

Bhutan has sold more than $40 million in BTC over the course of this week alone. For 2026 to date, the country has dumped $215.7 million of BTC, cutting its overall holdings to 3.77K BTC.

This compares with an October 2024 peak of about 13K BTC, implying a 70% decline in holdings over roughly 18 months.

Mining inflows and potential operational shift

Experts flagged that Bhutan has not seen a mining inflow of more than $100,000 for over a year, suggesting the country may have temporarily switched off its BTC mining operations.

The report notes that Bhutan has previously used its hydropower capacity to build its BTC stash.

Market context and miner stress

The article links the broader BTC price weakness to distress among miners, citing contracted revenues that have led many miners to halt operations or pivot toward AI-related ventures. It adds that a further drop below $65,000 could intensify miner stress.

Even after a rebound above $70,000, some analysts still expected Bitcoin to potentially print another low.

Analyst view on whether BTC will follow U.S. tech

The piece also attributes part of Bitcoin’s decline to macro and equity-market dynamics, stating that the asset’s fall coincided with U.S. tech weakness tracked through software stocks. It describes the weakness as tied to AI-driven expectations of layoffs and workflow disruption.

While the recent BTC bounce has been described as temporarily decoupling from software and gold amid rising whale bids, Quinn Thompson, CIO of Lekker Capital, warned that BTC could fall further.

“We will soon find out if software is once again telling us something or if BTC (and the broader market for that matter) are decoupling. I believe the former.”

Summary

• Bhutan sold about 70% of its BTC holdings since late 2024, leaving it with 3.77K BTC.
• In 2026, the country has sold $215.7 million of BTC, including reported sales of $18 million on April 10 and more than $22 million on April 9.
• Analyst Quinn Thompson expects BTC to remain linked to U.S. tech weakness and cautioned about another potential leg down.