Bhutan's Bitcoin stash is down 66% from its peak, fueling sustained sell-side pressure

ChainCatcher reports that on Wednesday the Kingdom of Bhutan moved another 519.707 BTC (about $36.75 million) to an external address, extending a Bitcoin reduction trend that has continued since 2026. On-chain data indicates Bhutan's royal government now holds 4,453 BTC worth roughly $315 million, down 66% from a peak of nearly 13,000 BTC at the end of 2024. Total outflows since the start of this year have exceeded $150 million. The pace of transfers has picked up. In January and February, individual moves typically ranged from $5 million to $15 million. In March, the size rose to about $35 million to $45 million per transfer. Wednesday's transaction mirrors patterns often associated with exchange-deposit activity, though the ultimate destination has not been confirmed. Unlike many governments that build Bitcoin positions through purchases, Bhutan's holdings are largely sourced from mining supported by the country's abundant hydropower. In December 2025, Bhutan said it would allocate up to 10,000 BTC to support development of Gelephu Mindfulness City, a planned economic hub in the south. The drawdown is among the largest government Bitcoin disposals on record and is seen as a continuing source of downside pressure for the market.