Bhutan Bitcoin Sales: $900M Offloaded Near $98K Avg
On-chain data tracked by EmberCN says the Royal Government of Bhutan sold about 9,180 BTC over roughly 11 months, raising around $900 million. The average sale price was about $98,067 per Bitcoin, with divestments starting earnestly around June 2025 after state-backed mining stopped.
Bhutan’s Bitcoin holdings appear to have fallen from a peak near 12,200 BTC (early 2025) to about 3,021 BTC, worth roughly $234 million at current prices. Because the liquidation was spread across many transactions rather than a single “dump,” it likely reduced immediate market shock.
For traders, this is a continuing sell-side dynamic for Bitcoin. Watch on-chain outflows and exchange inflow data around any future government transaction batches, as persistent official selling can add short-term volatility and “supply overhang” risk.
Bearish
This news points to continued Bitcoin offloading by an official sovereign holder, which typically creates sell-side pressure. The later article adds fresher granularity: about 9,180 BTC sold over ~11 months with an average price near $98K, and remaining holdings around 3,021 BTC. That implies the liquidation process is ongoing and not fully finished.
However, the impact is moderated by execution style. Spreading sales over many transactions over an extended period reduces the chance of a sudden liquidity shock. For the short term, traders should still expect potential upside to face resistance and watch for volatility spikes around new government batches. In the longer run, if official selling continues but without abrupt transfers to exchanges, the market may gradually reprice the supply overhang—lessening tail-risk versus a one-off dump. Overall, the bias is bearish for BTC, but likely not catastrophic given the “smooth” timeline.