Bhutan sovereign wealth fund has moved $216 million worth of Bitcoin.
Bitcoin mining revenues have also slowed.
Holdings have decreased by 70% since October 2024.
The Himalayan kingdom of Bhutan has stepped up what experts have called a Bitcoin reserve sell-off, apparently dumping around $216 million worth of the world’s top crypto since the start of the year.
The nation, which has raised over $765 million in Bitcoin mining-related profits, has slashed the size of its Bitcoin pot by 70% since October 2024, per Arkham Intelligence data.
At the end of 2024, the country’s wallets contained 13,000 Bitcoin, currently worth $931 million.
The apparent sell-off continues to gather pace. The data shows Bhutan has moved over $12 million worth of Bitcoin out of its wallets in the past 24 hours alone.
Has mining ‘halted?’
The size of Bhutan’s holdings has shrunk down to 3,774 Bitcoin, currently worth around $270 million.
The transfers follow a similar pattern, with funds moving out of the state-controlled wallet into newly created accounts.
The Bhutanese government has been extremely tight-lipped about its Bitcoin investment strategy.
It has placed its sovereign investment fund manager Druk Holding and Investments in charge of its Bitcoin mining and wallet management operations.
Neither the government nor the sovereign investment fund immediately responded to a DL News request for comment.
“It’s been over a year since Bhutan recorded a mining inflow exceeding $100,000, suggesting that the kingdom may have halted its hydropower-backed Bitcoin mining operations,” the crypto analyst Colin Wu’s media outlet WuBlockchain wrote on X.
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“Hydropower-based mining looks [to have slowed] or halted” in Bhutan, wrote the digital assets analyst Crypto Patel, adding that Bhutan has “gone from one of the most unique sovereign mining strategies to silent selling.”
Bhutan has not posted revenues worth $100,000 or more from its hydroelectric energy-powered Bitcoin mining operations for over a year.
Crypto market movers
Bitcoin is trading at $71,663 on Sunday, down 1.7% over the past 24 hours.
Ethereum prices are down 1.2% over the same period. The coin is currently trading for $2,216.
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Tim Alper is a News Correspondent at DL News. Got a tip? Email him at tdalper@dlnews.com.
