The Himalayan nation continues strategic periodic sales as BTC drops to $71,000.
Bhutan has transferred $22.4 million in bitcoin from its wallets over the past week, continuing a pattern of periodic BTC sales observed in recent years. According to blockchain analytics firm Arkham, one of the transfers, executed five days ago, was sent directly to addresses labeled as belonging to market maker QCP Capital.
Arkham’s data indicates that Bhutan is selling bitcoin in batches of approximately $50 million, with a particularly intense selling period recorded between mid and late September 2025. The Himalayan nation has been mining bitcoin since 2019, generating over $765 million in BTC profits while sustaining estimated energy costs of around $120 million.
Bhutan mined most of its bitcoins before the 2024 halving, subsequently reducing production when mining costs roughly doubled. The peak year for mining was 2023, when it produced approximately 8,200 BTC, bringing total reserves at the time to over 13,000 BTC. Annual production estimates include approximately 2,500 BTC in 2021, 1,800 BTC in 2022, 8,200 BTC in 2023, and 3,000 BTC in 2024.
These sales come as bitcoin has fallen approximately 40% from its October peak. Vetle Lunde, Head of Research at K33, has acknowledged troubling similarities with previous deep sell-offs in 2018 and 2022, but emphasizes that the current market environment differs structurally. Increased institutional adoption, inflows into regulated products, and a loosening rate environment provide stronger tailwinds compared to previous cycles.
