Bhutan Sells About $18.47 Million in Bitcoin as BTC Reclaims $74,000

The Royal Government of Bhutan transferred about 250 BTC, valued at approximately $18.46 million, over the past 24 hours, according to data cited from Arkham. The transactions included 162 BTC and 69.7 BTC sent to new wallet addresses within a short period, extending a broader reduction in Bhutan’s publicly tracked Bitcoin holdings.

Cause and development: continued treasury outflows

Bhutan’s recent transfers are part of a longer selling trend in 2026. The country has moved 3,247 BTC this year, with total outflows valued at roughly $240.4 million at current prices. Other reports placed the sold amount near $198 million depending on the pricing period used.

After the latest transactions, Bhutan’s wallets hold about 3,524 BTC, worth around $260 million to $264 million. This is a sharp decline from a peak near 13,000 BTC recorded in late 2024.

On-chain context: reduced inflows and routing patterns

Arkham data indicated that the last Bitcoin inflow above $100,000 to Bhutan-linked wallets occurred more than a year ago. This has renewed attention on whether Bhutan’s mining operations have slowed or whether policy priorities have shifted toward liquidity.

Analysts have previously linked some Bhutan-linked movements to wallets that later routed funds to platforms such as Galaxy Digital and OKX. While the destination of the newest transfers has not been confirmed as an exchange, the size and sequencing of the transactions have kept traders focused on the possibility of further sales.

Bitcoin price: trading near a resistance band

Bhutan’s wallet activity is occurring as Bitcoin trades near a key resistance range identified by on-chain analysts. Bitcoin reached an intraday high of $76,038 earlier this week before easing back toward the mid-$74,000 area.

Glassnode said the market is moving through a resistance band between $74,000 and $76,000. CryptoQuant placed another closely watched level near $76,800, described as the Traders’ Realized Price.

CryptoQuant also reported that holders who accumulated between $65,000 and $76,000 are now in profit, creating a broader pool of unrealized gains. The firm further said large deposits rose from less than 10% to more than 40% of total exchange inflows within days, indicating heavier activity from larger holders.

Daily realized profits were reported to be near $500 million on Wednesday, still below the $1 billion level that has often appeared near local tops during bear market rallies.

Mining economics: partial relief amid network pressure

Bitcoin’s price recovery has provided some relief to mining operators. The supplied material said the average all-in cost of producing one BTC was around $79,500 as of mid-Wednesday—still above spot price, but narrower than the gap seen in recent months.

The next network difficulty adjustment, scheduled for April 17, was forecast to fall by nearly 3%, which would take difficulty to just under 135 trillion hashes.

At the same time, mining conditions remain under pressure. Reports said the Bitcoin network hash rate fell 4% during the first quarter of 2026, with some observers linking the decline to unprofitable older machines being shut down. Other miners have continued shifting toward AI and high-performance computing services for more stable revenue.