In the past 24 hours, wallets linked to the Royal Government of Bhutan carried out bitcoin transfers totaling 250 BTC, equivalent to nearly $18.46 million. On-chain data provided by Arkham shows that these movements occurred through two separate transfers in the short term—one for 162 bitcoin and another for 69.7 bitcoin.
Bhutan’s bitcoin reserves rapidly shrinking
Nestled between India and China, the small Asian nation of Bhutan gained attention in recent years by accumulating bitcoin through hydropower-based mining activities. Bhutan is known for leveraging its energy surplus to bolster its bitcoin reserves. Recently, however, the country appears to be shifting towards increased sales. Activity has been ramping up since the beginning of 2026: so far this year, Bhutan has transferred a total of 3,247 BTC, resulting in approximately $240.4 million exiting its holdings.
Bhutan’s bitcoin balance, which just a few years ago was reported to be nearing 13,000 BTC, has now dropped to around 3,524 BTC after the latest moves. The value of these reserves currently fluctuates between $260 million and $264 million. According to CryptoAppsy data, bitcoin’s price surged to $76,038 at the start of the week before settling just below the $74,000 mark.
Sales pattern and potential exchange deposits
The recent transfers reportedly mirror previous activity seen in Bhutan’s transaction history. Past sales tracked by analysts revealed that funds were moved to platforms such as Galaxy Digital and OKX. While it’s not yet confirmed whether the latest bitcoin tranche has been deposited on exchanges for sale, the size and timing of the transactions have reignited speculation about a possible new wave of selling.
Arkham data also reveals that Bhutan’s official wallets have not received any major inflows—over $100,000—for more than a year. This extended lull has led to speculation about a slowdown in mining operations or a shift in financial strategy for the Himalayan kingdom.
Glassnode notes, “The market is testing the resistance range between $74,000 and $76,000,” while CryptoQuant shares, “The Traders’ Realized Price stands at $76,800.”
Key levels and mining pressure in the bitcoin market
According to market experts, these recent transactions have coincided with bitcoin navigating a strong resistance zone. Investors who acquired bitcoin between $65,000 and $76,000 are, for the most part, currently in profit. Data from CryptoQuant indicates that the share of large transfers to exchanges has surged sharply in just days—from under 10% to nearly 40%—reflecting renewed activity among major market participants.
Realized daily profits approached $500 million on Wednesday. However, this figure remains below the $1 billion marks seen ahead of local peaks in previous bear market periods.
Bitcoin’s price rebound has eased some pressure on miners as well. Recent reports show that the all-in production cost for one bitcoin is now around $79,500. Despite this relief, the cost still exceeds the spot price, and margins have tightened compared to previous months.
The next bitcoin network difficulty adjustment is scheduled for April 17, with a projected decline of nearly 3%. If realized, this would lower the network’s difficulty slightly under the 135 trillion hash threshold.
Despite the recovery in price, mining operations remain under strain. Recent reports indicate that network computing power dropped by 4% in the first quarter of 2026, which observers attribute to older mining machines being shuttered due to elevated costs. At the same time, some miners are reportedly diversifying into artificial intelligence and high-performance computing services to stabilize their revenues.
