There has been a massive sell-off over the past few months that has contributed to the decline in the price of Bitcoin. Much of this selling occurred as major shareholders moved to secure profits on their holdings. However, amid the selling, one interesting name kept popping up, pushing the selling volume up to over 8,000 BTC. The name is Bhutan, a small country with a population of less than 1 million, which once held nearly $1.5 billion in BTC.
Bitcoin selling in Bhutan exceeded 8,000 BTC.
For years, Bhutan has been mining and stacking Bitcoin through government-sponsored mining operations. Over time, this stack grew to thousands of coins, reaching 13,000 BTC in 2024. The country’s stack was worth nearly $1.5 billion at its peak in 2025, according to data from Arkham Intelligence.
But when the price rose above $100,000, Bhutan began gradually reducing its BTC holdings, selling millions of dollars worth of coins at a time. The country moved slowly at first, initially starting by sending USDT balances to the Binance cryptocurrency exchange. However, things started to change as people started reducing their Bitcoin holdings.
This selling trend continued into 2025, with the government selling stacks of $1 million to $5 million worth of BTC at the start of the year. However, there was a significant change in selling volume during the month of March as Bhutan moved hundreds of BTC in a single transaction.
Some of the notable transactions include 175 BTC worth $11.86 million moved on March 9th. Then, a movement of 205.52 BTC worth $15.14 million occurred on March 17. Over time, the amount grew higher, surpassing 500 BTC in a single transaction.
On March 18, 595.84 BTC worth $44.44 million were withdrawn from government wallets, and on March 25, 519.7 BTC worth $36.75 million were withdrawn. This move reduces Bhutan’s Bitcoin holdings to 4,453 BTC. This means that Bhutan has sold approximately 8,547 BTC since its holdings peaked at 13,000 in 2025.
The country appears to have made the largest number of transfers to Binance so far, with over $100 million sent to the cryptocurrency exchange. However, one interesting name emerged this year: QCP Capital. QCP Capital is a Singapore-based digital asset trading firm that, according to its public profile, facilitates trading services between the traditional finance and cryptocurrency worlds.
Taking this into account, the move from Bhutan to QCP Capital suggests that it is fueling BTC selling in the country. So far, about $16 million worth of BTC has been processed in Bhutan, and this figure could continue to rise if the country continues to dump its Bitcoin reserves.
Featured image by Dall.E, chart by TradingView.com
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