The Royal Government of Bhutan has quietly sold another $18.46 million worth of Bitcoin, continuing a steady pattern of crypto outflows that has been unfolding for months.
According to blockchain analytics from Arkham Intelligence, the latest transaction involved around 250 BTC. The coins were moved from state-linked wallets to a new address, typically a sign of exchange deposits or liquidation.
Bhutan’s Bitcoin reserves have seen a steep decline. From a peak of nearly 13,000 BTC in 2024, holdings have now dropped to about 3,500 BTC. That’s roughly a 70% reduction in less than two years, making it one of the most notable sovereign crypto sell-offs to date.
Despite the scale of selling, the government appears to be taking a cautious approach. Transactions are broken into smaller chunks, usually between $5 million and $20 million, to avoid disrupting market liquidity or triggering panic.
The proceeds are reportedly being used to fund large national projects, including the ambitious Gelephu Mindfulness City initiative aimed at long-term economic growth.
Interestingly, the ongoing sell-off has not significantly impacted Bitcoin’s price. Strong inflows from institutional channels, especially ETFs launched by firms like Morgan Stanley and Goldman Sachs, are helping absorb the supply.
While Bitcoin remains volatile due to global tensions, including the US-Iran situation, it has shown signs of recovery, posting a modest weekly gain even after recent declines.
Source: X.com
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