Bhutan’s government moved 738 Bitcoin, worth about $45 million, to a new external wallet in roughly one hour, according to Arkham. The transfer adds to a steady pattern of sales from the Himalayan kingdom. Bhutan has built its Bitcoin reserve through state-run mining tied to hydropower. Over the past 11 months, it sold 9,180 BTC at an average price of about $98,067
Arkham’s on-chain data showed the 738 BTC leaving a Bhutanese government wallet and landing in a fresh address. The short transfer window points to a coordinated move. Bhutan uses its low-cost renewable power to support mining activity. Bhutan began mining Bitcoin in 2019.
The transfer fits a broader strategy of gradual sales. Bhutan has not sold its holdings in one large move. Instead, it has sold coins in smaller amounts over time. That approach has allowed the government to realize gains while avoiding sharp market shocks.
The kingdom’s role in Bitcoin markets has drawn close attention because sovereign holders can affect supply. Bhutan now stands out as a state actor with a visible on-chain footprint. Its moves remain easy to track as blockchain data improves.
At the same time, crypto markets fell back into panic mode. Bitcoin slid toward the $60,000 level after losing weeks of gains. Total crypto market value moved toward a key support zone near $2 trillion. Liquidations topped $1.85 billion in 24 hours.
Bitcoin also lost strength after repeated failures near the $78,000 to $80,000 range. It later broke below an ascending trendline that had supported price action since March. Once BTC slipped under $70,000, sellers pressed harder across the market.
ETF flows added more pressure. Bitcoin ETF outflows climbed toward $10 billion, which weakened one of crypto’s main institutional demand channels. BlackRock, Fidelity, and Grayscale all recorded heavy outflows. Open interest then fell by more than 6% as traders cut risk.
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Sentiment also turned sharply lower. The Crypto Fear & Greed Index fell to 13, which places the market in Extreme Fear. Previous cycles have often shown similar readings near local bottoms after leverage clears from the market.
The latest decline combines technical weakness, large liquidations, and softer institutional demand. Bitcoin liquidations accounted for about $614 million of the total. Ethereum liquidations reached nearly $500 million. Traders now watch whether the current correction exhausts itself or extends further.
Bhutan’s transfer of 738 Bitcoin shows its gradual selling strategy as crypto markets face sharp pressure from liquidations, ETF outflows, and weak sentiment. With Bitcoin near $60,000 and fear at extreme levels, traders are watching for signs that selling pressure is starting to ease.