Bhutan’s Bitcoin Blunder: $410M Flees ETFs as Kingdom Sells

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In a move that could only be described as a financial folly wrapped in monastic robes, Bhutan has offloaded $30 million in Bitcoin this February, mirroring the $410.37 million exodus from spot BTC ETFs as the cryptocurrency hovers near $66,000.

Bhutan, the land of Gross National Happiness, seems to have found a new source of joy: selling Bitcoin. As $410 million flees BTC ETFs, the kingdom adds its own $30 million to the pile, putting a Buddhist twist on market pressure. Bitcoin, ever the stoic monk, remains unfazed at $66,000.

Blockchain whispers reveal fresh transfers from the Royal Government of Bhutan, while institutional investors bolt from spot Bitcoin ETFs like tourists fleeing a yeti sighting. The irony? A nation known for its serenity is now a player in the crypto chaos.

Bhutan’s Bitcoin Fire Sale Continues

On-chain data from Arkham, the crypto world’s Sherlock Holmes, shows Bhutan’s government shuffling $6.7 million in Bitcoin to QCP Capital, a Singapore-based market maker. This is just the latest in a series of sales that make a garage sale look dignified.

QCP Capital, no doubt thrilled with their newfound Bhutanese bounty, watches as the kingdom’s selling spree becomes the financial equivalent of a never-ending dharma talk. Arkham quips,

BHUTAN JUST SOLD $6.7 MILLION BTC

Bhutan has been selling Bitcoin every week for the past 3 weeks.

– Arkham (@arkham)

Earlier, Druk Holding Investments, Bhutan’s financial arm, unloaded 184.03 BTC ($14.09 million) and 100.82 BTC ($8.31 million), both destined for QCP Capital’s wallets. Arkham suggests Bhutan sells Bitcoin in $50 million chunks, though recent sales are more like a monk’s modest alms.

Records show larger disposals in September 2025, but February’s $30 million sales are a mere ripple in the crypto ocean. Still, it’s enough to make traders wonder if Bhutan is funding a new monastery or just hedging its bets.

Bitcoin Holdings: From Peak to Pique

Bhutan, once a crypto mining powerhouse since 2019, saw its Bitcoin stash peak at 13,295 BTC in October 2024. Now, it’s down to 5,600 BTC, a decline that would make even the most stoic monk raise an eyebrow. According to Bitcoin Treasuries, Bhutan ranks seventh globally in sovereign Bitcoin holdings, though its grip on the title is slipping faster than a novice climber on Everest.

The sell-off reflects portfolio adjustments during market weakness, as Bitcoin trades near $66,000. While the transfers are smaller than past liquidations, the steady outflows coincide with a market as soft as a Bhutanese cushion. Traders, ever the voyeurs, watch sovereign wallets like hawks.

Related Reading: Bhutan Trims Bitcoin Reserves as Mining Conditions Worsen

$410M Flees Spot Bitcoin ETFs

Institutional investors are not to be outdone in this grand exodus. SoSoValue reports $410.37 million in net outflows from spot Bitcoin ETFs in a single session, a financial stampede that would make a yak herder proud. BlackRock’s IBIT led the charge with $157.56 million in withdrawals, followed by Fidelity’s FBTC with $104.13 million.

The withdrawals came as Bitcoin approached options expiry, with the price dipping toward $66,000. Standard Chartered, ever the pessimist, slashed its 2026 Bitcoin price target to $50,000. Bernstein, however, remains bullish with a $150,000 forecast, calling the pullback the “weakest bear case” and praising the market’s resilience.

The combined effect of Bhutan’s sales and ETF outflows has inflated short-term supply, leaving traders glued to fund flow data and on-chain transfers. Will Bhutan’s Bitcoin blunder be a footnote in history, or the start of a new financial dharma? Only time-and the blockchain-will tell.

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2026-02-14 03:24