- Bhutan sold $6.7 million worth of Bitcoin as part of its liquidation strategy.
- Analysts consider the timing and pattern of Bhutan’s Bitcoin selloff.
- It costs approximately $79,000 to mine one Bitcoin
According to reports from Arkham Intelligence, the blockchain analytics platform that tracks cryptocurrency transfers, the government of Bhutan has sold another batch of its Bitcoin holdings. The report stated that Bhutan sold $6.7 million worth of Bitcoin in the third batch of a series over the past three weeks.
What is Bhutan’s Actual Motivation to Sell Bitcoin
Although Bhutan claims that the main reason for selling off its Bitcoin reserve is rising mining costs, analysts reviewing the selloff timing and pattern suggest it could be more than that. While Bitcoin mining costs have become high, reflecting diminishing returns on mining investments, Bhutan’s selloff seems strategic, suggesting the Asian Kingdom may be signaling a larger market shift rather than a routine treasury management.
For context, Bitcoin mining profitability has dropped significantly since the 2024 halving, with the cost of producing one Bitcoin reaching approximately $79,000. That leaves BTC miners running at a loss, considering the cryptocurrency’s price has dropped below $67,000 per BTC as of the time of writing. Bitcoin’s price fell from its all-time high of over $126,000 in October 2025, prompting the Bhutan government to manage its balance sheet more actively.
Related : Bitcoin (BTC) Price Prediction: BTC Slips Below Key Levels as Derivatives Cool and Bhutan Sells
What Analysts Make of Bhutan’s BTC Selloff Pattern
In the meantime, Bhutan adopted a systematic BTC selloff strategy, starting from January 30, 2026, when it transferred 100.8 Bitcoins worth about $8.31 million to QCP Capital just before a significant market downturn. The Bhutanese government repeated the approach on February 4, shortly before another wave of Bitcoin pullback, by transferring 184.03 BTC, equivalent to about $14.09 million, to QCP Capital.
The BTC transfer on January 12 marks Bhutan’s third selloff in about three weeks, and it has left users curious about Bitcoin’s next move. Many analysts view it as a potential signal for another wave of price decline. Hence, Bhutan may be strategically hedging against volatility, rather than just selling Bitcoin to manage mining costs.
Related : Bhutan Transfers $22M Worth of Its Bitcoin Holdings Amid Rising Mining Costs
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Source: https://coinedition.com/bhutan-timing-the-top-inside-the-kingdoms-6-7m-bitcoin-move/
