Catenaa, Tuesday, February 10, 2026-The Royal Government of Bhutan transferred more than $22 million in Bitcoin from sovereign wallets over the past week, according to on-chain data, prompting speculation about possible market activity.
One transaction was sent directly to addresses linked to market maker QCP Capital, Arkham data revealed.
Bhutan has periodically sold Bitcoin in blocks of around $50 million since it began mining in 2019. The nation’s crypto portfolio has declined over 70% from its $1.4 billion peak to roughly $412 million, reflecting broader market depreciation. Despite the recent transfers, blockchain analysts note that wallet balances remain largely unchanged, suggesting these moves may be internal reallocation or custodial adjustments rather than outright liquidation.
Data shows Bhutan mined over 8,200 BTC in 2023, its heaviest mining year, and tapered mining after 2024 due to higher costs following the Bitcoin halving. The country remains the seventh-largest government Bitcoin holder, according to Bitcoin Treasuries, and has historically conducted large transfers without triggering market disruption.
The Bitcoin market has slid to around $70,000, with a 7.36% drop over the past 24 hours, slightly outpacing the broader crypto market’s 6.39% decline.
Analysts caution that Bhutan’s activity reflects routine portfolio management rather than a new sell-off, while continued monitoring will track any potential market impact.
