What to know:
- Bhutan moved 90 BTC to a SegWit address, renewing Bitcoin sale speculation.
- Arkham data shows Bhutan’s BTC reserves fell sharply from their October 2024 peak.
- EmberCN claims Bhutan sold 9,180 BTC over 11 months, worth about $900 million.
The Bhutan Bitcoin sale debate grew after the kingdom moved 90 BTC, worth about $7 million, to a SegWit address. The transfer drew attention because similar moves can sometimes come before sales.
As per Arkham Intelligence data, the funds moved to a bc1q SegWit address. Bhutan usually keeps its Bitcoin reserves in a P2SH wallet cluster. Transfers to different SegWit addresses may appear as funds moving to another entity.
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Bhutan Bitcoin Sale Scrutiny Rises After Reserve Drop
The recent move further bolstered the Bhutan Bitcoin sale debate in the market. Since the beginning of the year, Bhutan has transferred approximately $237.39 million worth of BTC from its wallets to SegWit addresses, according to Arkham.
According to the data from Arkham, Bhutan currently has approximately 3,021 BTC on its balance. The holdings are estimated to be worth almost $233.18 million. This figure is significantly lower than the peak figure of nearly 13,390 BTC recorded in October 2024.
The decline has caused the Bhutan bitcoin sale matter to remain under discussion. Arkham data shows that from that peak, Bhutan’s reserves have dipped approximately 10,000 BTC. The wallet swaps have been repeated and have prompted more scrutiny in the market.
Bhutan became known in crypto markets after reports linked its Bitcoin reserves to state-backed mining. Those operations are consuming the country’s hydroelectric power resources. The purchases made Bhutan one of the few sovereign bitcoin owners monitored by analysts.
Bhutan Sold 9,180 BTC Over 11 Months
Meanwhile, market analyst EmberCN separately stated that Bhutan has sold 9,180 BTC in the last 11 months. The analyst estimated those sales at about $900 million. The average price was reported to be $98,067 per BTC.
EmberCN estimates that Bhutan had approximately 12,200 BTC in the beginning of 2025. The analyst said mining expansion slowed around that time. According to the Bhutan Bitcoin sale claim, the nation has been cutting down its Bitcoin reserves through regular sales since June 2025.
Bhutan has not publicly confirmed any Bitcoin sale. Analysts have linked the transfers to possible portfolio rebalancing, profit-taking, or funding needs. However, the government has not issued any statement explaining the wallet activity.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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