Bhutan recently executed another Bitcoin sale, transferring $22 million worth of assets from its state mining initiative despite adverse market conditions. The nation disposed of 184 BTC, valued at approximately $14 million, on Wednesday, following a previous sale of 100.8 BTC worth $8.3 million last Friday.

As per data on blockchain analytics from Arkham, the transfers amount to a total of $22.3 million directed to QCP Capital, a crypto market maker. This transaction process typically indicates a sale as they aid in converting such assets into liquid currencies.

Bhutan has accrued about $765 million from its Bitcoin mining operations since 2019, leveraging mainly hydroelectric power. However, post the 2024 Bitcoin halving, mining expenses have surged, causing a decline in output compared to last year’s 8,200 BTC.

The local Bitcoin reserves have diminished from a high of 13,295 BTC in October 2024 to a mere 5,700 BTC now, leaving Bhutan ranked seventh among nation-states for Bitcoin holdings, falling behind countries like the US, China, and the UK.

While the motivations behind Bhutan’s sales remain uncertain, previous data shows its pattern of selling in large batches, approximately every $50 million, with considerable sell-offs noted around mid-to-late September 2025.

Bitcoin Facing Significant Drops

The dip in Bhutan’s holdings comes amidst Bitcoin’s plunge of 42.8% from its record high of $126,080 last October, with its value now dipping below $72,000.

Despite the ongoing macroeconomic volatility, investors are gravitating towards stability via traditional assets like gold and silver even as global liquidity remains high. Concerns over Bitcoin’s security due to quantum computing risks and fluctuating mining outputs have also surfaced as significant narratives affecting market sentiment.