Bhutan moved more than $22 million in bitcoin from its national reserves this week, according to Arkham.

Arkham said the transfers included 184 BTC worth about $14 million on Wednesday and another 100.8 BTC worth about $8.3 million last Friday.

The funds were sent to market maker QCP Capital, a type of transfer that often signals an impending sale.

Transfers follow post-halving pressure

Arkham said Bhutan has accumulated roughly $765 million in bitcoin since launching state-backed mining in 2019, powered largely by hydroelectric energy.

It also noted that the cost to mine 1 BTC has roughly doubled since the 2024 block subsidy halving.

Bhutan is also mining far less than it did in 2023, when Arkham said it mined 8,200 BTC.

Holdings slide among nation-states

Bhutan’s bitcoin holdings have fallen from a peak of 13,295 BTC in October 2024 to 5,700 BTC.

That drop leaves Bhutan as the seventh-largest nation-state holder, behind the US, China, the UK, Ukraine, El Salvador and the UAE.

Comparable government holdings can be tracked across countries.

Arkham added that Bhutan periodically sells bitcoin in batches of around $50 million, with the most recent heavy selling occurring in mid-to-late September 2025.

Bitcoin down over 40% from peak

The transfers come as bitcoin has fallen 42.8% from its all-time high of $126,080 last October to below $72,000

Bitcoin’s drawdowns from prior peaks can be visualized on Bitbo’s ATH drawdown chart.