Bhutan has made a second Bitcoin transfer in less than a week, moving roughly $22 million worth of the cryptocurrency from state-linked wallets as prices remain under pressure and mining economics tighten.
Blockchain data shows the transfers were routed to a crypto market maker, a step that often precedes asset sales, though Bhutan has not publicly confirmed the intent behind the move.
Second transfer in days points to continued liquidation
According to data from blockchain analytics firm Arkham, Bhutan transferred 184 Bitcoin, valued at about $14 million, on Wednesday. That transaction followed another transfer of 100.8 Bitcoin worth roughly $8.3 million on Friday, bringing the total moved this week to approximately $22.3 million.
Arkham data indicates the Bitcoin was sent to QCP Capital, which typically facilitates large trades by providing liquidity. Transfers to market makers are commonly interpreted as preparation for selling, though they do not guarantee immediate liquidation.
State mining strategy faces tougher economics
Bhutan has accumulated a sizable Bitcoin reserve since launching its state-backed mining program in 2019, relying largely on surplus hydroelectric power. Arkham estimates the country has generated around $765 million worth of Bitcoin through mining since the program began.
That strategy, however, has become more expensive. The cost of mining one Bitcoin has roughly doubled since the April 2024 Bitcoin halving, according to Arkham, sharply reducing profitability. Bhutan’s annual production has fallen significantly from 2023, when it mined roughly 8,200 BTC.
As a result of periodic sell-offs, Bhutan’s Bitcoin holdings have declined sharply. Data shows reserves have dropped from a peak of 13,295 BTC in October 2024 to about 5,700 BTC today.
Bhutan slips in global Bitcoin holdings ranking
Data from Bitcoin Treasuries shows Bhutan now ranks seventh among nation-states holding Bitcoin. It trails the United States, China, the United Kingdom, Ukraine, El Salvador, and the United Arab Emirates.
Arkham noted that Bhutan has a history of selling Bitcoin in structured batches of around $50 million. Its most recent heavy selling period occurred between mid and late September 2025, suggesting the current transfers may be part of a recurring reserve-management strategy rather than a one-off decision.
Bitcoin’s broader slump adds pressure
The latest transfers come as Bitcoin remains deeply below its previous peak. The asset is down roughly 42.8% from its all-time high of $126,080 reached in October, trading below $72,000.
Market sentiment has deteriorated over the past three months, with risk appetite weakening amid U.S. government shutdown concerns, renewed tariff threats from President Donald Trump, and stalled crypto market structure legislation in Washington.
Despite global liquidity hovering near record levels, investors have increasingly rotated into perceived safe-haven assets such as gold and silver, weighing on speculative assets including cryptocurrencies.
What happens next
Bhutan has not disclosed whether additional Bitcoin transfers are planned. Druk Holding and Investments, the state-owned entity overseeing the country’s Bitcoin strategy, did not respond to a request for comment from Cointelegraph.
With mining costs rising and prices still well below last year’s highs, market watchers will be closely tracking whether Bhutan continues trimming its Bitcoin reserves or pauses sales if conditions stabilize.
Also Read: Kraken parent Payward posts 33% revenue growth as trading activity rebounds
