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Bitcoin sold off in early trading hours at the US stock market open, briefly losing the $75,000 level before rebounding. The abrupt move triggered $120 million in liquidations of leveraged long (buy) BTC futures positions. Despite the volatility, Bitcoin’s funding rate has remained negative, a condition that can signal limited…
The tiny Himalayan kingdom of Bhutan has sold another batch of Bitcoin worth $18 million, according to on-chain intelligence firm Arkham. The country, once celebrated as a crypto powerhouse and an emerging mining destination, has offloaded a large portion of its mining-related holdings, totaling $198 million to date.
There is no official communication explaining why Bhutan is rapidly liquidating its once-prized BTC reserve. Arkham’s reporting notes the sales are occurring quickly, but the underlying rationale has not been confirmed.
Arkham says Bhutan sold around 240 BTC in two recent transactions. The Bitcoin was sent to multiple addresses associated with the country’s handlers used to liquidate its crypto.
The latest move follows increasingly frequent BTC sales by Bhutan, often in smaller batches ranging from $5 million to $40 million.
Bhutan’s Druk Holdings, which manages its BTC, still holds around 3,524 BTC across its addresses, worth over $250 million. However, Arkham estimates that at the current pace of selling, the kingdom will run out of Bitcoin by September.
Arkham also notes that Bhutan previously held about 13,000 BTC in its wallets in October 2024, worth around 40% of its GDP at the time.
Bhutan’s Bitcoin strategy was closely tied to its “green mining” initiative, which leveraged cheap surplus hydroelectricity as a cleaner and more economical alternative to other national grids. Bitcoin mining was state-led and was credited with creating jobs, generating revenue, and supporting public spending, including funds reportedly used to pay public wages.
Arkham reports that mining operations are now reportedly winding down and that inflows from mining have slowed significantly. It says no significant mining exploits (over $100,000) have reached the state wallets in over a year, while authorities continue selling BTC.
Arkham’s estimate suggests Bhutan’s remaining exposure to Bitcoin could be largely unwound within the next few months, most likely by September. Bitcoin is currently trading around $76,000, which may provide additional incentive for large holders to liquidate at relatively high prices.
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