The Kingdom of Bhutan continues to reduce its Bitcoin (BTC) reserves, dropping by nearly 70% from the highs recorded in October 2024, according to data. On-chain De Arkham Intelligence.
According to Arkham Intelligence data, the country’s holdings are It rose from about 13,000 BTC in October 2024 to 3,954 BTC It has been confirmed that the company’s sale strategy is currently accelerating. In the first quarter of this year alone, approximately $215 million to $216 million worth of Bitcoin was transferred.
This move extends a trend observed several weeks ago. As reported by Criptonoticias in early March, reserves have already fallen to 5,425 BTC, reflecting a 60% decrease. Since then, new transfers I have deepened my adjustment. up to the current level.
Until now, There is no official statement A recent government report reports on specific sales figures for 2026. This approach is cautious and transfers are detected on-chain.
As a result, on-chain records suggest that Bhutan is executing sales and moving in stages, related to over-the-counter (OTC) transactions and financial management strategies. The following factors have been pointed out to be behind this decision: liquidity needs; Increased funding for national projects and operational costs after halving in 2024.
Another related element is added to the previous context. The country does not record significant revenue due to: bitcoin mining Over one year — over $100,000. This suggests that mining operations, which have historically been powered by hydropower, may have been curtailed or stopped.
With Ethereum, the strategy is different
But not all digital assets in the country followed the same trajectory. Available data shows that Bhutan maintains Ether reserves (ETH, Ethereum cryptocurrency) No related movements have been reported so far in 2026.
According to records On-chaina concentration of government-linked wallets Approximately 29,791 ETHvalued at $66,000 to $70,000.
In that sense, Bhutan does not treat ETH as a speculative asset or a pure store of value (as is the case with Bitcoin). The strategy is clearly dual and asymmetric. Although it actively sells BTC, it productively holds and deploys ETH as a national technology infrastructure and long-term strategic reserve.
Unlike Bitcoin, this asset will not be liquidatedHowever, as the country continues to gradually reduce its BTC holdings, it is being used in an approach more relevant to national projects, in line with long-term blockchain strategies.
Therefore, we observe the sale of BTC by Bhutan. reflect changes in their strategywhich started accumulating digital assets in 2019 before reaching its peak in 2024. The country now ranks fourth among states with digital currencies, ahead of El Salvador. It is selling well and is currently ranked 7th.
This moves from accumulation to active use of its reserves. source of liquidity To meet internal needs. It remains to be seen whether this is a temporary adjustment or a structural change in economic policy related to digital currencies.
(Tag translation)Asia
