Bhutan transferred $22.4 million worth of Bitcoin from its wallets last week, continuing a multi-year pattern of selling. According to blockchain analytics firm Arkham, one of these transfers was sent five days ago to the addresses of market maker QCP Capital. Arkham’s data reveals that Bhutan has sold Bitcoin worth nearly $50 million during various periods, with notably higher sales recorded from mid to late September 2025. Bhutan began Bitcoin mining in 2019 and has earned over $765 million in profits to date, while its energy costs are estimated at around $120 million.
Most of Bhutan’s Bitcoin was mined before the 2024 halving event, after which mining output declined due to nearly doubled expenses. The peak production year was 2023, when approximately 8,200 Bitcoins were mined, pushing total reserves beyond 13,000 Bitcoins. Annual production has included 2,500 Bitcoins in 2021, 1,800 in 2022, 8,200 in 2023, and 3,000 in 2024.
These developments come amid a nearly 40% drop in Bitcoin prices from October’s peak, reviving concerns about a bearish trend within the four-year historical cycle. Vetle Lunde, head of financial research firm K33, acknowledged similarities with past deep sell-offs in 2018 and 2022 but emphasized structural differences in the current market. Factors such as increased institutional investment, withdrawals from regulated products, and easing interest rates offer more favorable conditions than previous downturns.
Lunde noted that market psychology might still strengthen bearish momentum, as long-term investors reduce positions and hesitant new investors increase selling, potentially triggering trends similar to past declines. However, certain indicators point toward a market bottom, including over $8 billion in spot trading volume on February 2 and negative open interest in the derivatives market. Despite this, Lunde cautioned that these signals are not definitive, as past market phases have produced false positives. A critical support level stands near $74,000; breaching this could see prices fall to $69,000 or even $58,000, the 200-week moving average.
At the time of writing, Bitcoin is trading around $72,000, reflecting ongoing market uncertainty.
Source: bitcoinmagazine
