Bhutan Dumps Bitcoin: $22.4M Move Stuns Markets

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What’s the deal with Bhutan moving $22.4 million in Bitcoin to exchanges right when the market decides to take a little nap? I mean, the timing is impeccable, the plan is… well, let’s call it “carefully optimistic.”

Key Highlights

  • Bhutan sold $22M in Bitcoin during a market dip, showing cautious management amid falling prices and uncertainty. They’re selling in a mood ring kind of way-blue when things are calm, red when they’re not, and now a little green because apparently that’s not how markets work.
  • Most of Bhutan’s crypto is Bitcoin, mined cheaply with hydro power, while smaller altcoins barely impact the portfolio. It’s the main course with a few side dishes nobody ordered.
  • Unlike El Salvador, Bhutan favors sustainable mining and cautious selling, sparking speculation about potential market dips. Sustainable, sure-but also suspiciously well-timed for a dramatic headline.

The Government of Bhutan has moved $22.4 million in Bitcoin to exchanges during the recent market dip, signaling an adjustment in its digital asset strategy. According to Arkham, the Royal Government of Bhutan transferred 184.028 BTC, worth around $14.09 million, from its wallets in a single transaction. Yes, a single move-the financial equivalent of a dramatic sigh.

As per Arkham’s series of posts on X, 100.818 BTC worth $8.31 million was transferred to the QCP-managed WBTC merchant account five days prior. Nice timing, five days apart, like a couple of episodes of a show that’s suddenly got a cliffhanger:

Bhutan has transferred $22.4M of Bitcoin out of their wallets in the past week to sell. Their transfer 5 days ago was sent directly to the labeled addresses of market maker QCP Capital.

From our observations, Bhutan periodically sells BTC in clips of around $50M, with a…

– Arkham (@arkham) February 4, 2026

The sales come amid a decline in Bitcoin, which has dipped 42.8% from its all-time high of $126,080 in October last year to less than $72,000. As of writing, Bitcoin trades at about $71,410, down 6% in the last 24 hours. Great news for people who love roller coasters.

As a result, Bhutan’s crypto holdings have dropped about 6%, now totaling around $408.87 million. Most of this is in Bitcoin, with roughly 5,700 BTC worth $408.83 million. Ethereum makes up a tiny part of the portfolio, just 18.662 ETH valued under $40,000. The rest consists of smaller altcoins and meme coins, like KIBSHI, APU, and PHIL, which have very little impact on the overall portfolio. Subtle, like a whisper in a wind tunnel.

Bhutan’s mining and portfolio strategy

Bhutan has been mining Bitcoin since 2019, with an estimated profit of $765 million. Thanks to cheap hydroelectric power, its costs were kept at $120 million. It mined the most in 2023, producing approximately 8,200 BTC. Before that, it mined less in earlier years. It’s not rocket science, it’s… well, mining with science and a bit of luck.

However, most of Bhutan’s Bitcoin was mined before the halving in 2024, which increased its mining costs significantly. It then took almost twice as much to mine a single BTC, after which Bhutan slowed down its mining activity. Slowed down like a sitcom rerun-the suspense is killing me, but the math still works.

Besides mining, Bhutan keeps a close eye on its other crypto holdings. Arkham data shows it received small, steady amounts of Ethereum from companies like Titan Builder and BuilderNet, usually just tiny fractions of ETH. The government also moved $1.5 million in USDT to Binance and then got the same amount back from Kraken, showing it carefully manages its crypto cash flow. It’s like moving your chips between poker rooms, only with more regulators watching.

Market context and broader implications

Bhutan is selling Bitcoin at a time when both the economy and crypto markets feel uncertain. In the U.S., investors worry about a possible government shutdown, delays in crypto rules, and ongoing trade tensions with China. It’s not exactly a calm sea, more like a seasick boat ride with a lot of paperwork.

In addition, fear of new technologies like quantum computing and the reduced number of active Bitcoin miners have caused investors to diversify into safer assets like gold and silver instead of cryptocurrency. Look, if you can’t trust the math, at least trust the shiny stuff.

Unlike countries like El Salvador, which are still buying Bitcoin, Bhutan is taking a different approach. By using hydroelectric power for mining, the country shows how nations can enter crypto without harming the environment. Still, their recent Bitcoin sales have led some to wonder if a bigger market drop, like the ones seen in 2018 and 2022, could be coming. You know, the kind of downturn that makes you question all your life choices, including this very article.

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2026-02-05 15:14