- Bhutan increases Bitcoin sales pace, moving $120M net outflows while reducing holdings to about 4,453 BTC.
- Government uses smaller transactions to limit market impact despite larger transfers appearing in March.
- Flows likely reach exchanges and traders, signaling controlled liquidation and ongoing liquidity management.
Bhutan has accelerated Bitcoin sales in 2026, moving large sums from state-linked wallets, according to Arkham Intelligence. On March 27, the government transferred 123.7 BTC worth $8.5 million to a new address. The move reflects a broader strategy of steady liquidation through smaller transactions rather than large single sales.
Transfers Increase Through March
Recent blockchain data shows a clear rise in transfer activity during March. According to Arkham Intelligence, Bhutan moved about $158.57 million out of its wallets this year. However, only $38.84 million returned, leaving a net outflow near $120 million.
Notably, a single transfer on March 26 involved 519.7 BTC. This marked a shift from earlier months, where movements remained smaller and less frequent. As a result, total holdings declined sharply during this period.
The data also shows that Bhutan now holds around 4,453 BTC. Previously, holdings had peaked near 13,000 BTC, indicating a significant reduction over time.
Pattern Shows Controlled Liquidation
Bhutan continues to sell Bitcoin in smaller segments, typically ranging between $5 million and $10 million. This approach helps limit sudden market disruption. However, recent transactions suggest the pace has increased despite maintaining this structure.
Earlier in the year, transfers included 184 BTC and 100 BTC sent to QCP Capital. Additionally, a $1.5 million USDT transfer moved to Binance.
By March, transaction sizes expanded, with several transfers ranging between $35 million and $45 million. Larger outflows, including $72 million and $36.7 million, also appeared in recent weeks.
Market Destinations And Ongoing Activity
According to Arkham Intelligence, most outbound transfers likely reached exchanges, market makers, or trading firms. These flows suggest ongoing liquidity management rather than abrupt exits.
Meanwhile, online discussions have interpreted the activity as routine. Many participants view the sales as gradual conversion into cash. Others noted that buyers likely absorbed supply across multiple transactions.
Despite increased selling, the structured approach remains consistent. Bhutan continues to distribute Bitcoin in stages, avoiding concentrated market impact while reducing its overall holdings.
