WuBlockchain
Bhutan-linked wallets have sold 10,451 BTC since June 2025, realizing roughly $979 million at an average price of about $93,738 per BTC, according to on-chain data tracked by @EmberCN. The latest transfer moved 533.2 BTC — worth about $34.52 million — to Binance yesterday.
The Royal Government of Bhutan still holds roughly 1,750 BTC, valued at around $113 million, leaving the kingdom as a known sovereign seller on the tape with material remaining inventory to deploy.
Why it matters
Bhutan's BTC position dates back to 2019, when the country began mining with its surplus hydropower. A year-long distribution averaging five-figure monthly transfers is now a recurring flow other desks and sovereign-wealth analysts have to model — it sits alongside the more episodic Mt. Gox and German government sell-pressure episodes of prior cycles, but at a steadier cadence and from a still-active seller.
Market impact
The average realization near $93,738 prints well below recent spot, meaning Bhutan is taking losses on a meaningful slice of the BTC it offloaded into the latest leg lower. The remaining 1,750 BTC stash is a small reserve, but the pattern — a sovereign holder distributing into exchange liquidity rather than waiting for cycle highs — reframes Bhutan as a structural overhang rather than a long-term accumulator. Watch the linked wallets for the next transfer to Binance; the cadence, not any single tranche, is the signal.
Frequently asked questions
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How much BTC has the Bhutan government sold?
Wallets linked to the Royal Government of Bhutan have transferred roughly 10,451 BTC since June 2025, realizing about $979 million at an average price of approximately $93,738 per BTC, according to on-chain analyst @EmberCN.
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How much BTC does Bhutan still hold?
The Royal Government of Bhutan still holds roughly 1,750 BTC, valued at around $113 million at recent prices, leaving it as an active sovereign seller with material remaining inventory to deploy.
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What was Bhutan's most recent BTC transfer?
Bhutan-linked wallets moved 533.2 BTC — worth about $34.52 million — to Binance yesterday, the latest in a year-long pattern of distribution tracked by @EmberCN.
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Where did Bhutan's BTC come from originally?
Bhutan began accumulating BTC in 2019 by mining with the country's surplus hydropower, turning stranded energy into a sovereign crypto reserve that the government has now been steadily distributing since mid-2025.
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Why is Bhutan's selling pattern significant for the market?
A sovereign holder distributing into exchange liquidity over a sustained period reframes Bhutan as a structural overhang on the tape, with the cadence of transfers — rather than any single tranche — as the signal other desks and analysts now have to model.
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