Bhutan offloads $40 mln Bitcoin in a week, trims BTC holdings 70% since 2024

The Kingdom of Bhutan has trimmed its Bitcoin exposure by 70% in the past few months.

Arkham data showed that the country offloaded $18 million worth of BTC (250 coins) on the 10th of April. The move followed another 319.7 BTC sell-off, worth over $22 million on the 9th of April.

This week alone, Bhutan has sold over $40M in BTC. 

So far in 2026, the country has dumped $215.7 million of BTC, effectively slashing its overall holdings to 3.77K BTC, up from the October 2024 peak of 13K BTC. That’s a 70% decline in BTC holdings in 18 months. 

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

The kingdom has been leveraging its massive hydropower to accelerate its BTC stash in recent years. 

Unsurprisingly, the BTC price crash has triggered miner distress amid contracted revenues, forcing most miners to halt operations or fully pivot to AI ventures. 

Any further drop below $65K could likely exacerbate the miner distress. In fact, despite the recent BTC rebound above $70K, some analysts still expected the asset to print another low. 

Will BTC go lower again?

Bitcoin’s extended +50% pullback from over $126K to $60K was driven by several factors, including the October crash, 4-year cycle fears, and more. 

But most importantly, the asset’s decline coincided with U.S. tech weakness, as tracked by software stocks’ performance. 

The weakness was due to the AI advancement, as analysts projected mass layoffs and disruption as new AI-based products replace most of the current workflows. 

Notably, the recent BTC bounce has led to a temporary decoupling from software and gold amid rising whale bids. However, Quinn Thompson, CIO of an advisory firm, Lekker Capital, warned that BTC could fall further. 

Final Summary

• The Kingdom of Bhutan has sold 70% of its BTC holdings since late 2024, and it was only left with 3.77K BTC. 
• Analyst Quinn Thompson expected BTC to remain in lockstep with U.S. tech weakness and warned of another potential leg down for the crypto asset.