Crypto World
On-Chain Data Signals Weakening BTC Sell Pressure as Spot Demand Recovers
Long-term holders cut their selling over the past 30 days, with outflows falling to 276,000 BTC from 904,000 BTC in November.
Bitcoin moved higher this week, touching a one-month high at $74,000 as selling pressure across crypto markets eased. A report from the on-chain analytics platform CryptoQuant said reduced supply from sellers and improving demand signals helped support the short-term rebound.
One indicator of the shift is the change in apparent spot demand for Bitcoin. According to the analytics firm, demand contraction stood at about -136,000 BTC at the start of 2026. It has since narrowed to around -25,000 BTC, signaling that selling pressure in spot markets has weakened.
Strong Support From Long-Term Holders Eases Market Pressure
Another key signal came from the Coinbase Premium Index, which tracks price differences between Coinbase and offshore exchanges. The index moved into positive territory, often interpreted as stronger buying interest from United States-based market participants.
CryptoQuant also noted that many market participants now hold unrealized losses similar to levels seen in July 2022. At the same time, long-term holders sharply reduced their selling over the past thirty days. Their combined outflows dropped to about 276,000 BTC, far below the 904,000 BTC recorded in November.
The slowdown marks the lowest monthly outflow from long-term holders since June 2025 and helps ease supply pressure. Reduced selling from this group often limits immediate downward momentum in the market during uncertain periods.
Despite the rebound, analysts warn that Bitcoin could soon face resistance near the $79,000 level if momentum continues. A higher ceiling may exist around $90,000, corresponding to the broader realized price for active market participants and previously limiting gains earlier this year.
Market Optimism Remains Cautious Despite Recent Rebound
Broader sentiment indicators remain weak despite the recent price move, as per CryptoQuant market data. Its Bull Score Index currently stands near 10 out of 100, reflecting limited bullish signals.
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The analytics platform describes the move as a relief rally rather than a sustained upward cycle. It warns that macroeconomic pressure and cautious sentiment could still limit further advances in the near term.
CryptoQuant also notes that broader global liquidity conditions and interest rate expectations continue to shape digital asset demand worldwide. These factors may influence market behavior and determine whether the current rebound can persist over the coming months.
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Bhutan, one of the world’s largest nation-state Bitcoin holders, has just moved 175 Bitcoin from its main holding address as cryptocurrency markets posted modest gains on Monday.
Data from the blockchain analytics platform Arkham shows that the South Asian country moved $11.85 million worth of BTC to an address created a month ago, which had previously received 184 Bitcoin from the government.
The 175 Bitcoin are still at the address as of Tuesday, according to blockchain data. However, the previous transfer of 184 was sent to a third address, which has received a total of 1,910 Bitcoin since 2024 and currently holds 126.
In an X post on Monday, Arkham said the last time Bhutan moved a similar amount of Bitcoin — in February — it was to sell $7 million of Bitcoin with QCP Capital. The kingdom has made several sales this year.
“Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly heavy period of selling around mid-late September 2025,” Arkham said.
Arkham estimates that as of Monday, Bhutan’s holdings are around 5,400 Bitcoin, making its holdings the seventh-largest among countries. The United States has the largest country-held stash with 328,372 Bitcoin, worth just under $22 billion as of Tuesday.
Bhutan also holds various other cryptocurrencies in varying amounts, all managed by Druk Holding and Investments, the country’s sovereign wealth fund, including 28 Ether (ETH) and 28 KiboShib, an AI-generated memecoin.
Cointelegraph reached out to Druk Holding and Investments for comment, but didn’t receive an immediate response.
Bhutan has been using Bitcoin to fund services
Bhutan has accumulated roughly 13,000 Bitcoin since launching state-backed mining operations in 2019, primarily fueled by hydroelectric energy, according to Arkham.
However, following the 2024 halving, mining became less efficient due to increased costs.
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Bhutanese Prime Minister Tshering Tobgay told Al Jazeera last April that during the summer months, the kingdom’s hydropower plants generate surplus energy due to increased water flow. This abundance of power makes it highly practical to utilize the excess energy for Bitcoin mining.
In an interview with Al Jazeera in March 2025, Tobgay also noted that proceeds from Bhutan’s Bitcoin have been used to fund healthcare, environmental initiatives and public servant salaries.
A growing number of Bitcoin miners have redirected their energy resources toward artificial intelligence and high-performance computing services since the April 2024 halving, which reduced mining rewards to 3.125 Bitcoin and negatively impacted overall profitability.
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The Ethereum price is fighting to hold the $2,000 line as sellers test the market’s resolve. The asset is trading at $2,050 with a weekly Relative Strength Index (RSI) of 33, signaling a crucial decision point.
$2,000 represents a longstanding psychological level that bulls have defended since the February lows. The ETH RSI reading is arguably the most important metric right now. It sits just above the “oversold” threshold of 30, a zone that has historically preceded sharp relief bounces or accumulation phases.
While macro headwinds and oil macro pressure weigh on the broader sector, due to the ongoing tensions between the US and Israel, Ethereum price action suggests a coil is tightening.
24-hour volume for ETH USD has hit $22.4Bn, with the sell-side slowing, indicating that while aggressive selling has calmed, buyers remain hesitant to commit capital until a confirmed reversal signal is in place.
Ethereum Price Prediction: Is the $2,000 Defense Sustainable?
The daily chart shows the Ethereum price trapped in a high-tension consolidation block between $1,930 and $2,050, and until either side is breached, this ranging is likely to continue.
The structure is undeniably bearish in the immediate term, with lower highs pressing against static support. However, crypto technical analysis often favors contrarian plays when the market is spooked, and right now, the Fear & Greed Index is sitting at 13/100, marking ‘Extreme Fear’.
The setup mirrors strategies often used for oversold stocks, where deep pullbacks into liquidity zones offer asymmetric risk-reward ratios for patient traders. The current consolidation suggests bears are losing momentum, but they haven’t surrendered control.
If the $2,000 level holds, the immediate target is to reclaim the 20-day EMA near $2,120. A breakout above this moving average would signal strength and open the door to $2,350.
But if support at $1,930 fails, the floor drops out. Liquidity hunters will likely target the $1,760 zone, flushing out late longs before any meaningful recovery can occur.
This weakness contrasts with competitors. Recent Solana price prediction models highlight how alternative L1s have maintained stronger market structures during this correction, adding pressure on ETH to perform.
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The Levels That Change Everything for ETH
Traders have defined clear Ethereum support levels that could dictate the trend for March, and the market is now waiting for a definitive close to confirm the next direction for ETH USD.
To the upside, $2,120 is the level to watch. A daily close above this resistance invalidates the immediate bearish thesis and could trigger a short squeeze toward $2,200.
This move would likely coincide with a shift in Bitcoin dominance as capital rotates back into Ethereum and the broader altcoin market.
To the downside, $1,930 is the line in the sand, and a breach here would expose the April 2025 lows of $1,470. While the ETH RSI suggests a bounce is due, the price structure remains king.
The definitive signal bulls are waiting for is a high-volume breakout above $2,120; until then, the trend and global macroeconomic tensions favor the bears.
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The post Ethereum Price Defends $2,000 Support as RSI Hits Near-Oversold Levels appeared first on Cryptonews.
Bitmine Immersion Technologies moved approximately 9,600 ETH to Coinbase Prime hot wallets on Tuesday in two separate transfers, Arkham data shows.
The first transfer sent 5,300 ETH worth $10.75 million roughly nine hours ago, followed by a second batch of 4,308 ETH worth $8.74 million about three hours ago.
Both went through an intermediate wallet before landing at a Coinbase Prime hot wallet address, a routing pattern consistent with institutional custody operations.
The transfers come after Bitmine reported its largest weekly ether purchase of 2026, buying 60,976 ETH last week and bringing its total holdings above 4.5 million tokens. Chairman Thomas Lee said the firm was ramping up buying as it believes crypto is in the “late stages of a mini-crypto winter.”
Moving coins to Coinbase Prime doesn’t necessarily mean Bitmine is selling. Prime is Coinbase’s institutional custody and trading platform, and transfers there could reflect internal rebalancing, staking operations, collateral management, or preparation for OTC activity.
The balance history on Arkham shows Bitmine’s portfolio peaked near $16 billion around October 2024 and has declined to roughly $2.25 billion, reflecting ether’s price collapse rather than large-scale selling. The company is sitting on estimated losses of $7.8 billion on its position.
Ether was trading at $2,042, up 2.8% on the day.
Blockchain.com is expanding its presence in Africa with a launch in Ghana, as the crypto brokerage looks to build digital asset infrastructure across some of the region’s fastest-growing markets.
Summary
- Blockchain.com has launched operations in Ghana as part of a broader African expansion strategy.
- The move follows over 700% transaction growth in Nigeria, one of the firm’s fastest-growing markets.
- The company says rising crypto adoption in Africa is driven by remittances, currency volatility and mobile-first users.
The company announced the expansion on March 9, saying the move forms part of a broader strategy to scale operations across Africa and provide local users with a secure and compliant platform for accessing digital assets.
The Ghana launch follows strong growth in Nigeria, which has emerged as one of Blockchain.com’s fastest-growing global markets. Since officially launching retail operations in the country last year, the firm has recorded more than 700% growth in brokerage transaction volumes, according to the announcement.
Blockchain.com established operations in Lagos and hired local staff to support the expansion, with USDT, BTC and TRX emerging as the most actively traded assets among Nigerian users on the platform.
The company said demand for digital assets across Africa continues to rise, driven by factors such as currency volatility, remittance needs and a rapidly expanding mobile-first population. Nigeria has consistently ranked among the world’s top countries for crypto adoption, according to industry data.
Blockchain.com also reported growing traction in Ghana even before its formal launch. Over the past year, the firm recorded a 140% increase in active users in the country and an 80% rise in transaction volumes, suggesting strong local demand for regulated access to crypto services.
“Africa represents our mission to make financial services available to everyone globally,” said Owen Odia, the company’s general manager for Africa, adding that the firm is investing in local talent and developing products tailored to regional needs.
The company said stablecoins and digital assets could help improve cross-border settlements, reduce remittance costs and support digital commerce across West Africa.
Founded in 2011, Blockchain.com operates in more than 70 jurisdictions and has processed over $1.2 trillion in crypto transactions, with more than 90 million wallets created worldwide.
XRP price is on the cusp of a breakout from a symmetrical triangle pattern that could potentially lead to sustained gains.
Summary
- XRP price is close to confirming a bullish breakout from a symmetrical triangle pattern on the daily chart.
- Stablecoin supply on the network has surged over the past week.
According to data from crypto.news XRP (XRP) price rose nearly 4% to an intraday high of $1.39 on March 10, Asian time.
The rebound followed after the token fell nearly 8% to $1.34 from its weekly high of $1.46 led by a Bitcoin (BTC) correction amid rising inflation fears on surging oil prices and escalating geopolitical tensions in the Middle East.
Now, with XRP price recovering, it is drawing closer to a potential breakout from a multi-month symmetrical triangle pattern formed on the daily chart.
For context, a symmetrical triangle pattern is formed when an asset’s price moves between two converging trendlines that connect a series of sequential peaks and troughs. Typically, a breakout from the upper side of the pattern has been bullish for the asset, while a drop below the lower trendline indicates a bearish trend.
In XRP’s case, the breakout is occurring from the upper side and hence presents a bullish outlook for the token in the coming sessions.
At press time, momentum indicators like the MACD and RSI are also suggesting that a strong recovery is underway. The MACD line was pointed upwards, while the RSI had formed a bullish divergence with XRP’s recent price action, suggesting that selling pressure is cooling off.
For now, the 23.6% Fibonacci retracement level at $1.42 stands as the key resistance zone that traders would be keeping an eye on.
Breaking out from this level could potentially trigger a rally to $2.06, a target calculated by adding the height of the symmetrical triangle pattern formed to the price point at which the breakout would be confirmed. The target lies nearly 50% from the current price of $1.38.
A major catalyst that could support its gains is the growing stablecoin supply on the XRPL network. Data from DeFiLama show that the total stablecoin supply on the network has gone up 2.5% over the past 7 days to $426 million.
A greater supply means more liquidity and trading activity on the network, and investors often see such growth as a sign of increasing demand for the underlying ecosystem.
However, some caution is warranted as institutional demand for the altcoin has slowed. Notably, U.S. spot XRP ETFs recorded $22 million in net outflows over the past two weeks, breaking a four-week inflow streak.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Justin Sun’s Tron network has joined the Agentic AI Foundation to prepare and support the widespread adoption of AI agents.
In an announcement on Monday, Tron’s decentralized autonomous organization (DAO) revealed that the Tron network has signed on as a member of the Agentic AI Foundation (AAIF) and will serve on its governing board.
Tron DAO said that there will be significant demand coming from agentic AI in the future, and as such, it requires collaboration and interoperability to establish systems that can handle “continuous, high-volume, low-value transactions efficiently at scale.”
“Interoperable frameworks are expected to play an important role in ensuring that AI agents can operate across platforms and services without creating fragmented ecosystems,” the DAO said.
Last month, Stripe CEO and co-founder Patrick Collison and co-founder John Collison said there is a significant infrastructure gap in blockchain and said significant scaling improvements would be required to meet this incoming demand.
“By supporting the development of open infrastructure through the Foundation, TRON DAO aims to contribute to collaborative standards that make AI agents easier to build, safer to operate, and more accessible,” it added.
The AAIF is run by the Linux Foundation and was designed to promote open-source agentic AI development, alongside helping establish industry standards for governance, safety, and interoperability. Tron joins the likes of Circle and JPMorgan in jumping on board the AAIF.
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Sun last month said that AI will “definitely” be a key focus for the network this year, arguing that Tron’s speed, scalability, and low fees are prime for hosting agentic AI transactions.
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Sun indicated that the network is working on building infrastructure and collaborating to support AI demand. One recent example is the Bank of AI, a financial layer built for AI agents by AINFT, which first launched on Tron and BNB Chain in mid-February.
DeFiLlama data indicates that Tron currently tops the charts in terms of revenue generated by all blockchains across the past 24 hours, seven days, and 30 days, at $1.01 million, $6.54 million and $25.58 million apiece.
Earlier this month, Sun indicated that some of the revenue is being driven by AI.
“AI is scaling fast. When agents transact, demand shows up in the network metrics. TRON keeps leading on real usage,” he said.
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Vitalik Buterin has outlined a plan to simplify distributed staking infrastructure on Ethereum, arguing that running validator nodes should not require specialized technical expertise.
Summary
- Vitalik Buterin outlined a “DVT-lite” approach designed to simplify distributed Ethereum staking infrastructure.
- He argued that complex validator setups are “anti-decentralization” and should be replaced with easier deployments.
- The goal is to enable simple, near “one-click” distributed staking, particularly for institutions holding large amounts of ETH.
In a recent social media post, Buterin discussed how the Ethereum Foundation is using a simplified “DVT-lite” setup to stake 72,000 ETH, describing the effort as part of a broader push to make distributed validator technology easier to deploy.
Distributed validator technology, or DVT, allows multiple machines or operators to collectively run a validator using a shared key, rather than relying on a single server or operator. The approach is widely viewed as a way to improve network resilience and reduce the risk of validator outages.
Buterin said his goal is to make deploying such infrastructure “maximally easy,” particularly for institutions that hold significant amounts of Ether but may lack the technical capacity to operate complex validator systems.
“My hope for this project is that in the process, we can make it maximally easy and one-click to do distributed staking for institutions,” he wrote.
Under the concept he described, node operators could run a validator through a simple containerized setup, such as a Docker container or a similar environment. Each participating node would use the same validator key and automatically discover the other nodes in the cluster.
Once the nodes connect, the networking setup and distributed key generation process would run automatically before staking begins.
Buterin also criticized the perception that operating blockchain infrastructure requires professional-level expertise.
“The idea that running infrastructure is this scary complicated thing where each person participating must be a ‘professional’ is awful and anti-decentralization,” he said.
According to Buterin, simplifying distributed validator deployment could help spread authority over Ethereum staking across a wider set of participants. He added that he personally plans to use the setup and hopes more large Ether holders will adopt similar distributed staking configurations.
Bhutan has transferred roughly $11 million worth of Bitcoin from wallets linked to its sovereign holdings, according to blockchain analytics firm Arkham Intelligence.
Summary
- Bhutan moved about $11 million in Bitcoin, according to Arkham Intelligence on-chain data.
- The transfer follows a $7 million BTC sale through QCP Capital roughly a month earlier.
- Bhutan typically sells $5M–$10M BTC clips, maintaining a structured treasury management strategy.
Arkham flagged the movement in a recent post on X, stating that Bhutan moved the funds out of its main holding addresses, continuing a pattern of periodic transfers tied to the country’s crypto treasury activity.
The analytics platform noted that the last similar transfer occurred about a month ago, when Bhutan sold approximately $7 million worth of Bitcoin (BTC) through QCP Capital, a digital asset trading firm often used by institutional market participants.
Arkham also observed that Bhutan typically sells portions of its Bitcoin holdings in smaller clips ranging from $5 million to $10 million, rather than executing large single liquidations. The firm previously identified a particularly heavy period of selling activity between mid and late September 2025.
The latest movement continues a broader pattern of on-chain activity from Bhutan-linked wallets that has drawn attention across crypto markets.
Despite these periodic sales, Bhutan remains one of the largest sovereign Bitcoin holders. Arkham-tracked wallets show the country still holding around 5,600 BTC, valued at hundreds of millions of dollars.
Bhutan’s Bitcoin reserves largely originate from state-backed mining operations powered by hydroelectric energy, which have allowed the Himalayan kingdom to accumulate a sizable digital asset treasury in recent years.
Bhutan’s sovereign investment arm quietly adjusted its Bitcoin reserve on Monday, moving a block of 175 BTC from the kingdom’s primary holding wallet to a newly created address. The transaction, valued at around $11.85 million at the time, arrived as cryptocurrency markets posted modest gains, suggesting tactical reallocation rather than a wholesale shift in policy. blockchain analytics firm Arkham tracked the transfer, noting the destination address had previously received 184 BTC from the same source within a month and has since begun to show a steady rhythm of activity. The earlier 184 BTC were sent to a third address that, in aggregate, has received about 1,910 BTC since 2024 and currently holds 126 BTC.
In a post on X, Arkham highlighted Bhutan’s handling pattern, pointing out that the last time the country moved a similar amount of Bitcoin — in February — it sold around $7 million of BTC in collaboration with QCP Capital. The kingdom has already conducted several sales this year, a pattern Arkham described as “clips of $5–10 million,” with a notably heavier selling period around mid-late September 2025. These colorations come as part of Bhutan’s ongoing effort to translate a sovereign crypto reserve into tangible services, a strategy that has drawn scrutiny and curiosity from market observers and policymakers alike. Read more.
Current estimates place Bhutan’s total crypto holdings at roughly 5,400 BTC, a figure that positions the country as the seventh-largest state-backed holder. By comparison, the United States remains the largest state holder with about 328,372 BTC. These rankings underscore the growing footprint of national-level crypto treasuries, even as market dynamics—such as the post-2024 halving environment—continue to exert influence on liquidity and strategy. In addition to Bitcoin, Bhutan’s sovereign fund, Druk Holding and Investments, holds a modest mix of other digital assets, including 28 ETH and 28 KiboShib, a memecoin linked to AI themes.
Druk Holding and Investments, Bhutan’s state-backed wealth manager, has long integrated energy economics into its crypto program. Bhutan’s hydropower surplus during the summer months has enabled the country to sustain mining activity, a practice the government began in 2019. Yet the 2024 halving, which trimmed block rewards to 3.125 BTC, pressed mining economics and pushed operators toward broader tech services, including artificial intelligence and high-performance computing, as miners sought alternative revenue streams. The country’s approach has been described as a balancing act—leveraging surplus energy to generate revenue while managing the risk profile of a volatile asset class.
Public commentary from Bhutan’s leadership has framed Bitcoin mining as a means to fund public services. In comments to international media, Bhutan’s Prime Minister noted that revenue from the reserve has supported healthcare, environmental initiatives, and public servant salaries. That framing aligns with a broader narrative of state actors trying to retain strategic leverage over volatile assets while maintaining social returns. Still, the movement of large BTC blocks underscores the ongoing challenge of governance in sovereign crypto programs: how to synchronize reserve management with the need for liquidity and transparency.
As miners and investable assets migrate toward more diversified implementations of compute power, Bhutan’s case sits at the intersection of energy policy, national finance, and crypto economics. A growing cohort of governments is watching how state-held BTC interacts with public budgets and national energy strategies, especially in jurisdictions with abundant renewable resources and robust hydropower capacity. The narrative surrounding Bhutan’s holdings—both the 175 BTC transfer and the broader 5,400 BTC stake—illustrates how state actors are choreographing exposures to a volatile asset class while attempting to translate holdings into measurable public benefits.
Beyond Bitcoin, the country’s asset mix reflects a cautious diversification approach. The 28 ETH holding indicates a level of exposure to Ethereum-based ecosystems, while the presence of KiboShib signals an interest in tokenized AI-themed narratives, albeit in relatively small quantities. These positions are managed under the umbrella of Druk Holding and Investments, which maintains an evolving, data-driven approach to how the reserves are deployed and reported. The transparency of transfers—documented through blockchain explorers and corroborated by analytics firms—adds a layer of accountability that is increasingly expected of state-backed crypto programs.
For observers, Bhutan’s latest move comes amid a broader market backdrop that includes ongoing scrutiny of national crypto reserves and a shifting mining landscape shaped by the halving dynamics and energy costs. As the world’s capital flows into digital assets evolve, sovereign activity offers a rare, high-level lens on how governments view Bitcoin and related tokens as strategic resources rather than mere commodities. The path forward will likely involve a combination of measured selling, careful allocation to select assets, and continued investment in energy-based mining capacity and AI-enabled services.
Source tracing remains critical: Arkham’s public notes on the transfer pattern, along with blockchain explorer data tracing addresses bc1q0ng7kkt7vt3smv82fe63tuqsq0mz5kzhptjs6x and bc1q73fm7mkd2ces69gchq7xp5td5yzwa085al9gku, offer precise visibility into how Bhutan is moving assets. The country’s public communications—through interviews and media coverage—also reinforce the idea that its crypto holdings are being managed with a view toward social outcomes, not merely financial returns. As this conversation unfolds, analysts will be watching for the next set of moves, especially any announcements around future sales windows and the evolution of the reserve’s asset mix.
Why it matters
The case of Bhutan’s Bitcoin reserve is a signal of growing state-level engagement with digital assets. It demonstrates that sovereign actors are not only accumulating Bitcoin but also managing the cadence of sales to fund public initiatives. The transparency afforded by on-chain data—paired with analytics from firms like Arkham—provides a rare lens into how a state-backed treasury navigates volatility, liquidity requirements, and public accountability.
Moreover, Bhutan’s energy-backed mining strategy highlights how countries with abundant renewable resources can align economic activity with national energy policy. The hydropower surplus used to fund mining and, by extension, public services, offers a model where environmental assets and digital assets intersect. As the 2024 halving reshaped mining economics, Bhutan’s pivot toward a broader compute economy—AI and high-performance computing services—illustrates a practical response to lower issuance rewards while maintaining capacity to monetize energy-derived flows.
For investors and researchers, the Bhutan narrative underscores the importance of data provenance in sovereign crypto markets. The combination of on-chain transfers, official statements, and third-party analyses creates a holistic picture of how a nation-state approaches holdings in a volatile asset class. It also raises questions about governance, governance disclosures, and how future policy could integrate crypto reserves with broader national finance strategies.
What to watch next
- Monitor any additional transfers from Bhutan’s main reserve to new addresses, including potential batching patterns in the coming quarters.
- Track whether Bhutan continues to divest, especially around anticipated selling windows in September 2025 and beyond.
- Observe movements in Bhutan’s non-BTC holdings (ETH and KiboShib) for signs of broader diversification or strategic shifts.
- Watch for public statements or budgetary disclosures that link reserve activity to specific social programs or healthcare initiatives.
Sources & verification
- Arkham’s public notes on Bhutan’s transfer pattern and the February sale with QCP Capital, available via the Arkham post and X thread (Arkham).
- Blockchain explorer data for the addresses involved in the transfers: bc1q0ng7kkt7vt3smv82fe63tuqsq0mz5kzhptjs6x and bc1q73fm7mkd2ces69gchq7xp5td5yzwa085al9gku (address details, address details).
- Al Jazeera interview and reporting on Bhutan’s use of Bitcoin proceeds for public services (Al Jazeera).
- Cointelegraph reporting on Bhutan’s reserve activity and prior sales (Cointelegraph).
- Bitcointreasuries government holdings page for comparison with the U.S. position (Bitcoin Treasuries).
- Druk Holding and Investments’ public data on Bhutan’s asset management and energy-linked mining strategy (Arkham Intel).
Key details
Tickers mentioned: $BTC, $ETH
The tiny country of Bhutan is quietly selling its bitcoin, and the stack is getting thinner each month.
The Royal Government of Bhutan moved 175 BTC worth $11.85 million late on Monday, according to Arkham Intelligence data, moving assets to the same bc1q wallet address that received 184 BTC worth $14.09 million in February. It suggests a consistent OTC or treasury management counterparty.
The activity is done by Bhutan’s state-owned investment arm, Druk Holding and Investments (DHI), which spearheads the country’s BTC mining operations.
The February activity was more extensive than a single transfer. Arkham’s outflow data shows four separate moves that month: the 184 BTC transfer, two sends to QCP Capital’s merchant deposit address totaling roughly 200 BTC worth $15 million combined, and a $1.5 million USDT transfer to a Binance hot wallet.
That’s about $30.7 million in February alone, followed by Monday’s $11.85 million, bringing 2026 outflows to roughly $42.5 million.
The QCP Capital transfers stand out as sending bitcoin to a trading firm’s deposit address twice in one month is more active than simple treasury drawdowns. It suggests OTC selling or structured liquidity management rather than just moving coins between cold wallets.
The balance history chart tells a bigger story, however.
Bhutan’s stack peaked around 13,000 BTC in late 2024, built up over several years through state-backed hydroelectric mining. The drawdown began in earnest after October 2024 and has been steep.
From 13,000 to roughly 5,400 is a 58% reduction in coins. The dollar value has been hit twice, by the selling and by bitcoin’s decline from around $119,000 at the peak to $69,000 today.
What was likely a position worth over $1.5 billion at its height is now $374 million.
In December, Bhutan unveiled a national Bitcoin Development Pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City, a special economic zone designed to use digital assets for its financial reserves.
Bhutan mined its coins using surplus hydropower, which means the cost basis is effectively zero. Unlike Strategy or corporate treasuries that bought at market prices, there’s no break-even math pressuring these sales. Every transfer is profit.
The Arkham balance chart shows the full arc. A slow build from near zero in early 2021, steady accumulation through the bear market, a ramp to roughly 13,000 BTC by late 2024, and then a sharp decline that hasn’t let up.
The transfers have gone to the same counterparties in similar sizes without any obvious correlation to specific price moves, which looks more like a treasury running a planned drawdown than a holder getting shaken out.
Druk holdings did not immediately reply to CoinDesk’s request for comment in Asian morning hours.
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