Bhutan Sells More Than $40M in Bitcoin This Week, Holdings Down 70% From 2024 Peak

Bhutan has sharply reduced its Bitcoin exposure, selling more than $40 million worth of BTC this week, according to Arkham data. The data show the kingdom sold 250 BTC (about $18 million) on April 10, following another sale of 319.7 BTC (over $22 million) on April 9. Since the start of 2026, Bhutan has sold an estimated $215.7 million in BTC, cutting its holdings to about 3.77K BTC from a peak near 13K BTC in October 2024. That represents roughly a 70% decline over 18 months. Market watchers also noted Bhutan has not recorded a mining inflow above $100,000 for more than a year, raising the possibility that BTC mining operations have been temporarily shut down. Bhutan has previously used its large hydropower resources to build its Bitcoin reserves. The broader mining sector has been under pressure as Bitcoin's drawdown squeezed revenues, pushing many miners to pause operations or pivot toward AI-related businesses. Analysts warn that a move below $65,000 could intensify miner stress. Despite a recent rebound above $70,000, some analysts still see downside risk. Bitcoin's roughly 50% pullback from above $126,000 to around $60,000 has been attributed to multiple factors, including the October selloff and renewed concerns over the four-year cycle. The decline also tracked weakness in U.S. tech, particularly software stocks, as markets digested expectations that AI-driven products could disrupt existing workflows and lead to layoffs. Recent price strength has briefly loosened Bitcoin's relationship with software stocks and gold as whale demand picked up. Still, Quinn Thompson, CIO at advisory firm Lekker Capital, cautioned that Bitcoin could have another leg lower, arguing that tech may be signaling further risk. Final Summary: Bhutan has sold about 70% of its BTC since late 2024 and now holds roughly 3.77K BTC. Quinn Thompson warned Bitcoin may continue to track U.S. tech weakness and could still face another downturn.