Bhutan accelerates BTC sales, reserve down to 3,400–3,800
Bhutan’s government has accelerated BTC selling from official wallets. Since early 2026, it has reportedly liquidated more than $200 million worth of Bitcoin (BTC) in multiple smaller batches, often $5M–$10M per execution.
On-chain tracking shows Bhutan’s remaining government-controlled balance is about 3,400–3,800 BTC, or roughly $263M–$272M. That is down more than 70% from the ~13,000 BTC peak in late 2024, and records indicate around 9,579 BTC were sold since then. The latest detected transfer reportedly moved 100 BTC (about $7.8M).
Analysts also flag a key driver: there appears to be little to no meaningful new inflow of newly mined BTC for over a year, so ongoing BTC sales are directly shrinking the reserve. If the current pace continues, analysts warn the remaining BTC could be depleted around October 2026.
For traders, continued BTC offloading from an official holder can add sell-side pressure and raise short-term volatility, especially if markets interpret the activity as a sustained supply overhang. Uncertainty around Bhutan’s long-term BTC strategy may keep sentiment reactive.
Bearish
The news is structurally bearish for BTC because an official/sovereign holder continues to sell into the market while new mined BTC inflows appear limited. That combination tends to create persistent sell-side pressure and can be interpreted as a supply overhang. In the short term, small-batch execution via exchanges/OTC can still increase volatility around transfer windows. In the long run, the risk that Bhutan’s remaining BTC could be depleted around October 2026 keeps a longer supply narrative alive, even though the exact policy (sell versus hold) is still unclear. This uncertainty can prolong reactive trading and downside bias during BTC rallies.