Government of Bhutan Sells Another $18.47M as BTC Price Reclaims $74k

The Royal Government of Bhutan moved about 250 BTC worth $18.46 million in the past 24 hours, extending a broader reduction in its publicly tracked Bitcoin holdings. Data cited from Arkham showed multiple transfers, including 162 BTC and 69.7 BTC, sent to new wallet addresses within a short period.

The latest movement has added to market focus on Bhutans treasury activity at a time when Bitcoin is trading near a key resistance range.

Bhutan‘s recent transfers are part of a longer selling trend in 2026. The country has moved 3,247 BTC this year, with total outflows valued at roughly $240.4 million at current prices. Other reports placed the sold amount near $198 million depending on the pricing period used. Following the latest transactions, Bhutan’s wallets hold about 3,524 BTC, worth around $260 million to $264 million.

That is down sharply from a peak near 13,000 BTC recorded in late 2024.

Bhutans Bitcoin Treasury Keeps Shrinking

Bhutan built much of its through hydropower-backed mining, using surplus energy to support state-linked accumulation. Recent on-chain activity, however, has pointed to reduced inflows and continued outflows.

Arkham data indicated that the last Bitcoin inflow above $100,000 to Bhutan-linked wallets took place more than a year ago. That has led to renewed attention on whether the countrys mining operations have slowed or whether policy priorities have shifted toward liquidity.

The latest batch of transfers also followed a pattern seen in earlier Bhutan transactions. Some previous movements were linked by analysts to wallets that later routed funds to platforms such as Galaxy Digital and OKX. While the destination of the newest transfers has not been confirmed as an exchange, the size and sequencing of the transactions have kept traders focused on the possibility of further sales.

Bitcoin Price Nears Key On-Chain Ceiling

Bhutans wallet activity is unfolding as Bitcoin trades close to a major resistance zone identified by on-chain analysts. Bitcoin climbed to an intraday high of $76,038 earlier this week before easing back toward the mid-$74,000 area.

Glassnode said the market is moving through a resistance band between $74,000 and $76,000, while CryptoQuant placed another closely watched level near $76,800, described as the Traders Realized Price.

CryptoQuant Bitcoin holders who accumulated between $65,000 and $76,000 are now in profit, creating a broader pool of unrealized gains. The firm also reported that large deposits rose from less than 10% to more than 40% of total exchange inflows within days, a shift that pointed to heavier activity from larger holders.

Daily realized profits were said to be near $500 million on Wednesday, still below the $1 billion level that has often appeared near local tops during bear market rallies.

Mining Economics Show Partial Relief

Bitcoins recent price recovery has also offered some relief to mining operators. The supplied material said the average all-in cost of producing one $79,500 as of mid-Wednesday, still above spot price but narrower than the gap seen in recent months.

The next network , scheduled for April 17, was forecast to fall by nearly 3%, which would take difficulty to just under 135 trillion hashes.

At the same time, mining conditions remain under pressure. Reports said the Bitcoin network hash rate fell 4% during the first quarter of 2026, with some observers linking the drop to unprofitable older machines being shut down. Other miners have continued shifting toward AI and high-performance computing services for more stable revenue.