Bhutan transfers 250 BTC as Bitcoin climbs above $74,000

The Royal Government of Bhutan transferred about 250 BTC worth $18.47 million within 24 hours, according to Arkham data. The transfers included 162 BTC and 69.7 BTC moved to new wallet addresses in quick succession as Bitcoin traded above $74,000 and tested resistance levels.

Bhutan extends Bitcoin sales as treasury activity continues

Arkham data showed Bhutan shifted 162 BTC and 69.7 BTC to fresh addresses within hours. The moves were described as part of a broader reduction in publicly tracked holdings. Bhutan has moved 3,247 BTC in 2026, with total outflows valued near $240.4 million at current prices.

Earlier sales periods were reported to place the yearly figure closer to $198 million. After the latest transfers, Bhutan wallets hold about 3,524 BTC worth between $260 million and $264 million.

Analysts linked earlier movements to wallets that later routed funds to Galaxy Digital and OKX. Arkham also reported that no Bitcoin inflow above $100,000 reached Bhutan-linked wallets in over a year, drawing attention to potential changes in mining operations or liquidity priorities.

Bhutan’s reserve has been built largely through hydropower-backed mining using surplus national energy. On-chain records showed reduced inflows and continued outflows across tracked addresses, with the pattern matching earlier sequences where funds moved in structured batches. However, blockchain data has not confirmed the final destination of the newest transfers.

Bitcoin price tests resistance as market metrics shift

Bitcoin rose to an intraday high of $76,038 earlier this week before easing toward $74,000. Glassnode said the market is moving through a resistance band between $74,000 and $76,000, while CryptoQuant identified $76,800 as the “Traders’ Realized Price” level.

CryptoQuant reported that holders who bought between $65,000 and $76,000 now sit in profit. The firm also said large deposits increased from under 10% to above 40% of exchange inflows, indicating heavier activity from larger holders in recent days.

Daily realized profits reached about $500 million on Wednesday, though that remained below the $1 billion level often seen near local tops. During the latest session, market data showed Bitcoin trading in the mid-$74,000 range.

Mining economics and network outlook

Mining economics shifted as prices recovered. The average all-in production cost stood near $79,500 per BTC as of mid-Wednesday, narrowing the gap between cost and spot price compared with previous months.

The next network difficulty adjustment is scheduled for April 17. Forecasts projected a decline of nearly 3%, which would bring difficulty below 135 trillion hashes. Reports also showed the network hash rate fell 4% during the first quarter of 2026.

Some operators shut down older machines due to unprofitable conditions, while other miners redirected resources toward AI and high-performance computing services. The difficulty adjustment estimate remained the latest scheduled network update.