Bhutan Accelerates Bitcoin Sales as Sovereign Holdings Drop and Outflows Near $120M

Bhutan increases BTC sales pace, cutting holdings while funding development and managing liquidity through staged transfers.

Bhutan has moved faster with Bitcoin liquidation in 2026, according to Arkham Intelligence data. Reports show the Royal Government’s net BTC sales are around $120 million so far this year. That pace appears to be rising, with transfers split into multiple smaller batches.

Bhutan Moves $8.5M in BTC as 2026 Outflows Near $120M

On March 27, Bhutan moved 123.7 BTC, valued at nearly $8.5 million, from a primary wallet to a new address. The step fits a repeatable process: the government typically avoids a single large sale and instead breaks orders into chunks. Observers say this approach helps limit sudden market pressure.

Arkham estimates that Bhutan has moved about $158.57 million in BTC out of its wallets in 2026. Meanwhile, the country received roughly $38.84 million, leaving a net outflow of nearly $120 million. 

The outbound flow likely heads toward exchanges, market makers, or trading counterparties, including firms such as QCP Capital.

On Thursday, Bhutan reportedly moved 519.7 BTC as part of a wider sell-off sequence. Earlier months looked more restrained, with smaller transfers in January and February. Those activities included 184 BTC and 100 BTC sent to QCP Capital, along with smaller movements tied to other entities.

The month-to-month change stands out in transaction sizing. Arkham’s records suggest earlier transfers stayed closer to the $5 million to $10 million range.

In March, transfers appear to widen, with activity reported across multiple steps that each represent sizable value. Some entries also point to USDT movements involving Binance, which aligns with the idea of turning BTC into tradeable liquidity.

Bhutan’s holdings now sit far below earlier peaks. The report shows that the country’s balance has fallen from around 13,000 BTC at the high end to about 4,453 BTC. Selling by staged transfers may reduce abrupt shocks, but the totals still meaningfully shrink the sovereign position.

Arkham Data Shows BTC Holdings Reduced Through Staged Sales

Several narratives connect this liquidation to development financing. The Gelephu Mindfulness City project, described as a major national effort, has drawn public attention. 

In December last year, Bhutan announced a “Bitcoin Development Pledge,” stating it could commit up to 10,000 BTC toward the special economic zone. Analysts interpret the 2026 sales pattern as part of funding those plans.

Arkham’s data also suggests Bhutan continues to route flows through established counterparties. That choice points to deliberate liquidity management rather than quick, reactive trading. Still, the larger March transfers show the government is willing to raise the tempo when needed.

As of the time of writing, Bitcoin is exchanging hands at around $66,805, with a market cap of around $1.33 trillion. Even with staged sales, rising activity can still affect sentiment when large sovereign balances thin.