The Royal Government of Bhutan transferred approximately 250 BTC worth $18.46 million in the past 24 hours, according to on-chain data from Arkham, continuing a broader pattern of reduced Bitcoin holdings. The transfers included 162 BTC and 69.7 BTC sent to new wallet addresses within a short period, occurring as Bitcoin traded near a key resistance zone.
Bhutan’s latest sale extends a significant selling trend throughout 2026. The country has moved 3,247 BTC this year, with total outflows valued at approximately $240.4 million at current prices, though some reports placed the sold amount near $198 million depending on the pricing period used. Following the latest transactions, Bhutan’s wallets hold about 3,524 BTC, worth around $260 million to $264 million—a sharp decline from a peak near 13,000 BTC recorded in late 2024.
Bhutan built much of its Bitcoin reserve through hydropower-backed mining, using surplus energy to support state-linked accumulation. Recent on-chain activity, however, has indicated reduced inflows and continued outflows. According to Arkham data, the last Bitcoin inflow above $100,000 to Bhutan-linked wallets took place more than a year ago, raising questions about whether the country’s mining operations have slowed or whether policy priorities have shifted toward liquidity.
Analysts noted that some previous Bhutan transfers were linked to wallets that later routed funds to platforms such as Galaxy Digital and OKX. While the destination of the newest transfers has not been confirmed as an exchange, the size and sequencing have kept traders focused on the possibility of further sales.
Bhutan’s wallet activity is unfolding as Bitcoin trades close to a major resistance zone. Bitcoin climbed to an intraday high of $76,038 earlier this week before easing back toward the mid-$74,000 area. According to Glassnode, the market is moving through a resistance band between $74,000 and $76,000, while CryptoQuant identified another closely watched level near $76,800, described as the Traders’ Realized Price.
CryptoQuant reported that Bitcoin holders who accumulated between $65,000 and $76,000 are now in profit, creating a broader pool of unrealized gains. The firm also noted that large deposits rose from less than 10% to more than 40% of total exchange inflows within days, a shift pointing to heavier activity from larger holders. Daily realized profits were reported near $500 million on Wednesday, still below the $1 billion level that has often appeared near local tops during bear market rallies.
Bitcoin’s recent price recovery has offered some relief to mining operators. The average all-in cost of producing one BTC was around $79,500 as of mid-Wednesday, still above spot price but narrower than the gap seen in recent months. The next network difficulty adjustment, scheduled for April 17, was forecast to fall by nearly 3%, which would take difficulty to just under 135 trillion hashes.
Mining conditions remain under pressure, however. The Bitcoin network hash rate fell 4% during the first quarter of 2026, with some observers linking the drop to unprofitable older machines being shut down. Other miners have continued shifting toward AI and high-performance computing services for more stable revenue.
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