"Bhutan has transferred $22.4 million worth of Bitcoin from its wallets over the past week, continuing a pattern of periodic BTC sales observed over the past several years. According to blockchain analytics firm Arkham, one of the transfers, executed five days ago, was sent directly to addresses labeled as belonging to market maker QCP Capital. Data from Arkham indicates that Bhutan is selling Bitcoin in increments of roughly $50 million, with a particularly heavy selling period recorded in mid-to-late September 2025."
"Bhutan mined the majority of its Bitcoin before the 2024 halving, tapering production afterward as mining costs roughly doubled. The country's peak mining year was 2023, when it produced around 8,200 BTC, bringing total holdings at the time to over 13,000 BTC. Annual production estimates include approximately 2,500 BTC in 2021, 1,800 BTC in 2022, 8,200 BTC in 2023, and 3,000 BTC in 2024, Arkham said."
Bhutan transferred $22.4 million in Bitcoin from national wallets over the past week, continuing periodic BTC sales over several years. One transfer five days ago went to addresses labeled as belonging to market maker QCP Capital. Sales have occurred in roughly $50 million increments, with heavy selling in mid-to-late September 2025. Bhutan began mining Bitcoin in 2019 and realized over $765 million in BTC profits while incurring about $120 million in energy costs. Mining peaked in 2023 at around 8,200 BTC, with annual outputs of ~2,500 (2021), 1,800 (2022), 8,200 (2023), and 3,000 (2024). Bitcoin prices have fallen roughly 40% since October, raising cycle concerns despite stronger institutional adoption.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]