Bhutan moves 250 BTC in 24h, reserves drop as selling fears rise
On-chain data shows Bhutan bitcoin transfers totalling 250 BTC in 24 hours (about $18.46m). Arkham data indicates two quick transactions: 162 BTC and 69.7 BTC. After the outflows, Bhutan’s wallets hold roughly 3,524 BTC, down sharply from a late-2024 peak near 13,000 BTC.
The timing has revived “Bhutan bitcoin” sell-side speculation. Earlier moves were linked to Galaxy Digital and OKX, though the latest tranche is not confirmed as an exchange deposit. The lack of major inflows into Bhutan’s official wallets (over $100,000) for more than a year is also fueling debate about slower mining or a strategy change.
Market context remains tense near resistance. Glassnode flags BTC resistance in the $74,000–$76,000 band. CryptoQuant notes the share of large transfers heading to exchanges rising from below 10% to nearly 40% in days, while realized daily profits approach $500m. Mining economics are still strained, with reported all-in costs around $79,500 and a forecast ~3% difficulty drop on April 17, alongside a ~4% hash-rate decline in Q1 2026.
For traders, repeated Bhutan bitcoin outflows increase short-term supply-overhang risk while BTC tests resistance.
Bearish
This news is likely bearish for BTC in the short term because it renews supply-overhang concerns. Bhutan bitcoin outflows totaling 250 BTC in 24 hours reduce reserves and, given the historical pattern of similar transfers being associated with platforms, can be interpreted as renewed selling pressure—especially while BTC is testing well-defined on-chain resistance (roughly $74k–$76k).
Although the latest transfer is not confirmed to be an exchange deposit, the quick timing and broader indicators (rising large transfer-to-exchange share, high realized profits, and miner stress with costs above spot) suggest market liquidity and sell absorption may be challenged. The potential ~3% difficulty drop and recent hash-rate decline can support medium-term expectations, but they are unlikely to offset the near-term distribution risk implied by Bhutan bitcoin treasury withdrawals.