Bhutan Bitcoin sale speculation is growing after on-chain data revealed several large BTC and stablecoin transfers linked to the Royal Government of Bhutan during a steep Bitcoin price decline. While these transactions have raised concerns about possible selling pressure, blockchain records do not yet confirm that Bhutan has sold its Bitcoin holdings.
According to Arkham data, two days ago the Royal Government of Bhutan transferred 184.028 BTC, worth approximately $14.09 million at the time, to a wallet beginning with “bc1q0…”. Because the destination wallet is not clearly tied to a crypto exchange, the transaction alone does not prove an outright sale. Five days earlier, Arkham also flagged another Bhutan-linked transfer of 100.818 BTC, valued at around $8.31 million, sent to a wallet believed to be associated with trading firm QCP Capital. Again, the movement only shows funds leaving the Druk Holding-labeled wallet, not confirmation of liquidation.
Adding to the speculation, Bhutan recently moved stablecoins as well. On-chain data shows a transfer of 1.5 million USDT from the Royal Government of Bhutan to a Binance hot wallet, valued at $1.5 million. This move has fueled theories that Bhutan may be repositioning assets or preparing for market activity amid heightened volatility.
These transfers occurred as Bitcoin experienced a sharp downturn. BTC fell roughly 19% in a single week, sliding from the $90,000-$92,000 range to the mid-$60,000s by early February. Data from Coinglass shows Bitcoin netflows turning increasingly negative in late January and early February, with multiple outflow spikes between $300 million and $450 million. This suggests broader market forces beyond any single entity’s actions.
Market analysts weighed in on the sell-off. Lark Davis described the move as “price insensitive selling,” noting extreme oversold conditions and heavy liquidations. VanEck’s Matthew Sigel highlighted aggressive deleveraging, pointing to a sharp drop in Bitcoin futures open interest and billions in crypto liquidations. Meanwhile, economist Peter Schiff argued the bear market may not be over, suggesting further downside could still unfold.
Together, Bhutan’s Bitcoin transfers and worsening market metrics have intensified uncertainty, but without confirmed exchange sales, speculation remains just that.
