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Bhutan Cashes Out $22 Million In Bitcoin
Data from the on-chain analytics firm Arkham show that Bhutan-linked wallets moved 184 BTC, worth around $14 million, from the national reserve on Feb. 4, adding to a 100.8 BTC transfer valued at $8.2 million last Friday.
According to Arkham, some of the Bitcoin was shifted to new addresses, while the rest was sent to crypto market maker QCP Capital and a Binance hot wallet. Transferring assets to market makers often signals potential sales, as they help convert those assets into liquid markets.
Bhutan has emerged as one of the more unique sovereign Bitcoin hodlers, quietly building a stash through state-backed mining powered primarily by the country’s abundant hydroelectric energy.
Unlike corporate treasuries that publicly tout accumulation strategies, Bhutan’s stockpile of around $765 million in BTC has largely been kept out of the limelight, making the nation’s wallet movements closely watched by pundits.
 
Notably, Bhutan’s Bitcoin holdings have fallen from a peak of 13,295 BTC in October 2024 to 5,700 BTC. The tiny South Asian country now owns the seventh-largest Bitcoin stash among nation-states, trailing the US, China, the UK, Ukraine, El Salvador, and the United Arab Emirates.
The latest transfers mark Bhutan’s first notable wallet activity in approximately three months and come amid a very tumultuous period for cryptocurrencies.
The world’s largest and oldest cryptocurrency dropped to $69,185 on Thursday — a level not seen since October 2024. Bitcoin is trading hands around $69,293 as of publication time, down 8.4% on the day and roughly 45% from its October 6, 2025, lifetime peak of $126,080, according to CoinGecko data.
While the underlying reason for the sales remains unclear, Arkham noted that Bhutan occasionally dumps Bitcoin in tranches of about $50 million, with its most recent significant selling occurring in mid-to-late September last year.