Bitcoin Holdings of Kingdom of Bhutan Drop 66% from Peak, Exerting Continued Selling Pressure on the Market

BlockBeats News, March 26, according to Decrypt, on Wednesday, the Kingdom of Bhutan once again transferred 519.707 bitcoins (about $36.75 million) to an external address, continuing its bitcoin divestment trend since 2026. On-chain data shows that the Bhutanese royal government currently holds 4,453 bitcoins, worth about $315 million, a 66% decrease from its peak of nearly 13,000 bitcoins at the end of 2024, and the outflow total since the beginning of the year has exceeded $150 million.

Bhutan's selling scale is accelerating, with each transfer in January and February ranging from $5 million to $15 million, increasing to between $35 million and $45 million per transfer in March. The destination of Wednesday's transfer is consistent with a transaction platform deposit pattern, but the specific recipient has not been confirmed.

Unlike most countries that accumulate bitcoins through purchases, Bhutan's holdings come from its mining operations based on its abundant hydroelectric resources. In December 2025, Bhutan had pledged to use up to 10,000 bitcoins for the development of the Gelephu Mindfulness City project in the southern economic center. This sovereign divestment scale represents one of the largest government bitcoin divestment actions on record, exerting sustained selling pressure on the market.