Bhutan’s government has continued to reduce its Bitcoin holdings during the recent market downturn, sending additional tranches to an institutional trading firm as BTC hovered near $66,000. The sales come amid heightened volatility and bearish projections, reinforcing a cautious tone across digital asset markets.
On-chain tracking data show the Himalayan kingdom’s latest transfers extend a pattern of staggered disposals that has intensified since late 2025, even as analysts debate whether the pullback marks a temporary correction or a deeper downturn, CoinGape reports.
Bhutan extends February Bitcoin sales
According to Arkham data, Bhutan transferred approximately $6.7 million in BTC to Singapore-based market maker QCP Capital, bringing its February sales close to $30 million. The move followed earlier transactions of 184.03 BTC worth about $14.09 million and 100.82 BTC valued at roughly $8.31 million.
Bhutan has accumulated Bitcoin largely through mining operations since 2019. Its holdings peaked at 13,295 BTC in October 2024 before declining to roughly 5,600 BTC in recent months. Despite the reduction, the country remains among the top sovereign Bitcoin holders globally, ranking seventh by total reserves according to publicly tracked treasury data.
Market pressure and volatility
Bitcoin’s price weakness has coincided with broader risk aversion across global markets. Analysts note that large sovereign transactions can amplify short-term price swings, particularly when liquidity conditions are thin. The recent series of transfers, though smaller than prior $50 million tranches observed in late 2025, signals a continued effort to rebalance state reserves during a period of uncertainty.
Options-related volatility and shifting macro expectations have further weighed on sentiment. Some market participants point to tightening financial conditions and diverging forecasts from major financial institutions as additional sources of instability for digital assets.
Diverging price forecasts
Wall Street remains divided on Bitcoin’s outlook. Standard Chartered recently lowered its 2026 price target and warned the cryptocurrency could fall to $50,000 before stabilizing. In contrast, analysts at Bernstein maintained a $150,000 forecast, describing the current downturn as the “weakest bear case” and pointing to “no major failures” in the market’s infrastructure.
Conclusion
Bhutan’s continued sales highlight how sovereign-linked holders can influence supply during periods of market stress. The decline in national reserves from peak levels underscores the scale of the drawdown since late 2024. With Bitcoin near $66,000, the market now faces a test of whether macro uncertainty or renewed long-term demand will define its next direction.
Read also: Bitcoin open interest slides to $34B amid liquidation wave
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