Bhutan has continued its steady sell-off of Bitcoin, moving $8.1 million worth of the cryptocurrency in a recent transfer. This move is part of a larger trend that has seen the country offload around $50 million per month since the start of the year.
According to on-chain data, Bhutan now holds about $252 million in Bitcoin, down sharply from nearly 13,000 BTC in late 2024 to roughly 3,100 BTC today. This reduction is part of a deliberate strategy to monetize gains generated through state-backed mining launched in 2019.
Research analyst Lacie Zhang at Bitget Wallet notes that Bhutan's approach reflects an active sovereign treasury strategy rather than a bearish signal. 'The key point is that these sales are being used to fund national development and diversify reserves while maintaining long-term exposure to the asset,' she said.
Bhutan's sales have been uneven, with bursts of selling interspersed with quieter periods. Analysts at Arkham Intelligence have predicted that at their current rate of selling, Bhutan will run out of BTC before the end of September.