Bhutan King Sells $18M Bitcoin; Total 2025 Sales Reach ~$180M
According to Arkham monitoring, Druk Gyalpo Jigme Khesar Namgyel Wangchuck (Bhutan’s king) sold Bitcoin worth about $18M. This brings Bhutan’s total Bitcoin sales this year to roughly $180M.
CoinDesk reports Bhutan sold around 70% of the ~13,000 BTC it held as of Oct 2024. After the sales, Bhutan’s remaining holdings fell to 3,954 BTC, worth approximately $280.6M.
The report also suggests Bhutan has slowed or paused Bitcoin mining backed by hydropower. Over the past year, there have been no major recorded inflows of new funds tied to mining. Druk Holding and Investments, Bhutan’s sovereign wealth fund, has not provided public comments.
For traders, the key takeaway is that large, known Bitcoin treasury holdings are being reduced, while incremental mining-related inflows appear to be drying up. This can affect near-term sentiment around Bitcoin supply dynamics, even if the market still depends on ETF flows and broader risk appetite.
Bearish
这是偏空信号。原因在于：不丹作为“主权/储备方”的可观比特币持仓正在被系统性出售（今年约 1.8 亿美元、且据称卖出约 70% 的 2024 年 10 月持仓）。此类已知、可追踪的长期持有方减持，往往会提高市场对短期抛压的担忧。
同时，报道提到不丹疑似放缓/暂停以水电支撑的比特币挖矿，意味着潜在的“新增流入”（挖矿所得）变少。这会让供应端的“自然增量”支撑更弱。
与过去的类似事件相比，当政府/基金等受监管持币方出现大额卖出或提速减持时，市场通常先表现为情绪走弱、成交量波动加大，除非同时有强劲的外部买盘（例如 ETF 净流入）迅速对冲。短期内可能对 BTC 形成压力；中长期则取决于：ETF/机构资金是否持续吸收卖压、以及该类主权卖出是否已经接近尾声。当前信息更偏向“减供+可能抑制增供”，因此评级为 bearish。