Bhutan has transferred roughly 375 Bitcoin worth about $27 million in its largest recent movement, signalling continued selling despite a broader market recovery.
The transactions included two large transfers to new wallets and a smaller 20.5 BTC tranche sent to an address linked to market maker QCP Capital, suggesting structured distribution rather than a single sale.
The move extends a broader 2026 trend, with Bhutan having sold or transferred more than $40 million in Bitcoin since January through periodic transactions.
Bhutan still holds an estimated reserve of over 5,000 BTC, largely accumulated through state-backed mining operations powered by hydropower.
Recent increases in transfer size may indicate a shift towards more active treasury management or rising liquidity needs as the government adjusts its crypto exposure.
The selling comes as mining economics tighten following the 2024 Bitcoin halving, which has raised operational costs and may be prompting profit-taking from earlier mined holdings.
Bitcoin recently climbed to around $75,000, a two-month high supported by ETF inflows and whale activity, providing a favourable window for strategic selling.
At the time of reporting, Bitcoin price was $74,350.97.