According to Arkham Intelligence records, the Kingdom of Bhutan has accelerated the sale of its Bitcoin (BTC) reserves, resulting in a cumulative decline of nearly 70% since October 2024, when the stock reached its peak.
According to the platform’s on-chain data, the country’s holdings are It rose from about 13,000 BTC at the end of 2024 to 3,954 BTC Currently, the progress of the company’s sale strategy is being confirmed. In the first quarter of this year alone, approximately $215 million to $216 million worth of Bitcoin was transferred.
This move extends a trend observed several weeks ago. As reported by Criptonoticias, reserves have already declined to 5,425 BTC as of the beginning of March, reflecting a 60% decrease. Since then, new transfers I have deepened my adjustment. up to the current level.
Until now, There is no official statement The government has announced specific sales figures for 2026. This approach is cautious and transfers are detected on-chain.
As a result, on-chain records suggest that Bhutan is executing sales and moving in stages, related to over-the-counter (OTC) transactions and financial management strategies. The following factors have been pointed out to be behind this decision: liquidity needs; Increased funding for national projects and operational costs after halving in 2024.
Another related element is added to the previous context. The country does not record significant revenue due to: bitcoin mining Over one year — over $100,000. This suggests that mining operations, which have historically been powered by hydropower, may have been curtailed or stopped.
With Ethereum, the strategy is different
But not all digital assets in the country followed the same trajectory. Available data shows that Bhutan maintains Ether reserves (ETH, Ethereum cryptocurrency) No related movements have been reported so far in 2026.
Records show a high concentration of government-related wallets Approximately 29,791 ETHvalued at $66,000 to $70,000.
In that sense, Bhutan does not treat ETH as a speculative asset or a pure store of value (as is the case with Bitcoin). The strategy is clearly dual and asymmetric. Although it actively sells BTC, it productively holds and deploys ETH as a national technology infrastructure and long-term strategic reserve.
Unlike Bitcoin, this asset will not be liquidated However, it is used in approaches more related to national projects. All of this is in line with our long-term blockchain strategy. In parallel, gradually reduce your BTC holdings.
Therefore, we observe the sale of BTC by Bhutan. reflect changes in their strategyafter starting to accumulate Bitcoin in 2019.
Holdings will peak in 2024, making the country fourth among states with digital currencies, even ahead of El Salvador. Due to its sales, it is currently in 7th place.
This moves from accumulation to active use of its reserves. source of liquidity To meet internal needs. It remains to be seen whether this is a temporary adjustment or a structural change in economic policy related to digital currencies.
(Tag translation)Asia
