Bhutan Moves $25M in Bitcoin—Is a Massive Sell-Off Already Underway?

Bhutan moves $25M in Bitcoin, extending outflows and raising speculation about a potential large-scale sell-off strategy

Fridah Kangai
April 1, 2026
3:32 am

Fridah Kangai

Fridah Kangai is a dedicated crypto journalist with a sharp eye for market trends, blockchain innovation, and digital asset movements. She specializes in breaking down complex topics into clear, engaging stories for both seasoned investors and curious newcomers. With a passion for decentralization and a pulse on the ever-evolving crypto space, Fridah delivers timely, accurate, and insightful coverage. Her work bridges the gap between technology and everyday understanding in the world of cryptocurrency.

Bhutan moves $25M Bitcoin as sell-off fears grip market sentiment
Over 1,000 BTC transferred recently sparks institutional liquidation speculation concerns
On-chain data links Bhutan transfers to major crypto liquidity providers

Bhutan has drawn back fresh market interest following another large Bitcoin transfer, which has fuelled speculation that the nation may sell off its national reserves. Blockchain records show that the Royal Government moved about 374.9 BTC, or about $25.2 million, to an unidentified wallet, following a series of recent transfers.

In addition, this transaction is part of a series of large transactions registered in the same week, which cumulatively pushed total outflows over 1,000 BTC, indicating that the activity is a broader trend rather than isolated transactions. Statistics also indicate that Bhutan exchanged 519.7 BTC on March 25 and 123.7 BTC on March 27, which supports the opinion that such flows are organized.

On-chain analysts have hypothesized that the destination wallet has been associated with addresses that have since channeled funds to Galaxy Digital, suggesting a possible connection to institutional liquidity providers. Besides that, one of the previous recipient addresses has been linked to QCP Capital, which suggests that such transfers are carried out according to structured patterns rather than unstructured wallet movements.

Is #Bhutan Selling $BTC?

The Royal Government of Bhutan moved 325 $BTC worth $25.19M to a wallet that has previously transferred $BTC to #Galaxy Digital.https://t.co/q4dW3qJBT5 pic.twitter.com/asjTYWdyRN
— Onchain Lens (@OnchainLens) March 31, 2026

Also Read: BNP Paribas Expands Crypto Access Through ETNs for Retail Investors

Growing Outflows Intensify Sell-Off Speculation

This has further caused speculation that Bhutan is slowly depleting its reserves by a concerted effort to transfer Bitcoin in and out of its intermediary wallets. The rate and magnitude of transactions indicate that they are not short-term but may be deliberate, although no clarification has been provided by the officials.

Meanwhile, Bhutan continues to hold around 3,954 BTC, worth roughly $263.9 million, a steep decrease from the high of some 13,000 BTC in October 2024.

Mining Slowdown and Strategic Reallocation Signals

In addition, Bhutan mined its Bitcoin reserves using hydroelectric power, which sets it apart from nations that acquired their assets through seizure. Nevertheless, according to recent blockchain statistics, there have been very few inflows over the last year, prompting some to assume that mining has decelerated as part of a broader strategy transition.

The persistent Bitcoin outflows of Bhutan are an indication of a planned change in reserve management with regular transfers redefining its reserves and attracting more market attention.

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