Bhutan Offloads $6.7M in Bitcoin as Weekly BTC Sales Enter Third Week

Highlights:

• Bhutan has moved 100 BTC, valued at roughly $6.7 million, to QCP Capital, marking its third straight transfer in three weeks. 
• Within three weeks, Bhutan has moved over 350 BTC, valued at approximately $29.1 million.
• Bhutan’s government still holds $371 million worth of digital assets despite consistent transfers. 

The Royal Government of Bhutan has once again transferred 100 Bitcoin (BTC) worth $6.7 million to QCP Capital, one of Asia’s leading digital assets trading firms. Arkham Intelligence, an on-chain analytical platform, tracked the transaction and shared it in an X post on February 13. 

The transfer follows two similar moves in recent weeks. Two weeks ago, the South Asian nation moved 100.818 BTC, valued at roughly $8.31 million, to QCP Capital. A week later, it transferred another 184 BTC valued at $14.1 million. Overall, the Bhutan government has moved 384.846 BTC for $29.1 million within a three-week interval. 

According to Arkham, Bhutan has sold another $6.7 million in Bitcoin, continuing weekly sales over the past three weeks. Bhutan had planned to produce up to 600MW of mining power with Bitdeer Technologies, but on-chain data shows mining has slowed since the April 2024 halving. In…

— Wu Blockchain (@WuBlockchain) February 13, 2026

Bhutan Moves $6.7M in Bitcoin and Still Holds Over 5,000 BTC

Despite the consistent transfers, Bhutan’s government still holds $371,829,585.33 worth of digital assets. BTC remains the most valuable asset in the country’s crypto portfolio. For context, Bhutan still holds roughly 5,600 BTC, valued at approximately $371.78 million. 

The country also owns 24,935 Ethereum (ETH) tokens. Other assets in the portfolio are worth less than $1,000. They include Binance Coin (BNB), Wrapped Ethereum (WETH), Tether (USDT), and a few others. While these recent transactions might suggest that Bhutan is slowly reducing its reserves, the country reportedly initiated the token transfer in September last year, when it moved $100 million worth of BTC.

Bhutan has also been mining since 2019. So far, the country’s best year was in 2023, when it mined about 8,200 BTC. That year was the peak of the nation’s productivity as its total Bitcoin holdings exceeded 13,000 BTC at some point. In 2021, Bhutan mined 2,500 BTC; the figure dropped to 1,800 in 2022 before its peak year in 2023. The figure declined again to 3,000 BTC in 2024. 

The 2024 Bitcoin halving cut rewards by 50%, which significantly affected Bhutan’s productivity. Despite sharing plans to scale up its mining capacity to as much as 600 megawatts through a partnership with Bitdeer Technologies, on-chain data suggests that production remains low compared to peak levels. 

Bhutan’s mining operation was slated to produce up to 600MW of BTC mining power in a partnership with Bitdeer Technologies, but on-chain data shows that their mining speed has slowed since the halving in April 2024.

In addition to this, Bhutan sold at least $100M of their…

— Arkham (@arkham) February 13, 2026

Transfers Intensify as BTC’s Price Continues to Dip

The transfers follow BTC’s persistent declines. Notably, the flagship cryptocurrency dropped from as high as $97,000 in mid-January to as low as $63,000 on February 5. Currently, the cryptocurrency market is 1.3% down in the past 24 hours with a $2.34 trillion market capitalization and a trading volume of $111.41 billion. 

Bitcoin is also down 1.2% in the last 24 hours, changing hands at roughly $66,270, with a market cap of $1.324 trillion and a trading volume of $47.8 billion. Over the past week, month, and year, BTC has dropped by 0.2%, 30.2%, and 31.6%, respectively. The asset is also 47.4% below its all-time high (ATH) of $126,080 attained in October last year. 

Other Metrics show that BTC’s supply inflation is low at 0.88%, with a very high volatility of 12.19%. Sentiment remains bearish as the “Fear & Greed Index” plunges into extreme fear at 5. In terms of overall market performance, BTC ranks below 95% of the top-performing cryptocurrencies. It is also still trading below its 200-day Simple Moving Average (SMA), with only 9 profitable days in the past 30 days.