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Bhutan continues selling bitcoin, shifts 123.7 BTC in latest move

Bhutan's Royal Government is continuing its steady bitcoin sell-down. On March 27, 2026, the Himalayan nation transferred 123.7 BTC (about $8.5 million) from its main holding addresses into a newly created wallet using a different address format. Onchain data tracked by Arkham Intelligence shows the move aligns with Bhutan's recent cadence of disposing of bitcoin in controlled tranches of roughly $5–10 million. 2026 sales snapshot (as of March 28): - Total BTC moved out of holdings: about $158.57 million - BTC moved back in: about $38.84 million - Net outflow to market makers, exchanges and trading firms (including QCP Capital): about $120 million
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