Bhutan transferred 22.4 million dollars worth of Bitcoins from its wallets in the last week. This follows a trend of BTC sales that has been observed for several years.
Arkham Blockchain Analytics firm has identified one transfer. executed Five days ago was sent to the addresses that were labeled QCP Capital.
Arkham’s data shows that Bhutan has been selling Bitcoin in 50-million-dollar increments. A particularly large selling period was observed in the middle to late of September 2025. Bhutan is mining Bitcoins since 2019. It has produced over $765,000,000 in BTC profits, while incurring an estimated $120,000,000 of energy costs.
Bhutan mining majority of its Bitcoin Production began to decline in 2024, as costs doubled. In 2023, the country produced 8,200 BTC. Total holdings were then over 13,000 BTC.
Arkham stated that the annual production estimate is approximately 2,5 BTC by 2021. 1,800 BTC will be produced in 2022. 8,200 BTC will be produced in 2023. And 3,000 BTC for 2024.
Bitcoin has plummeted to a one-year low
Bitcoin is the cause of all this. has fallen Around 40% of the peak reached in October, rekindling concerns that this cycle will repeat itself.
In a recent interview with investors, K33 Research head Vetle Lunde noted unsettling similarities to previous deep sell-offs such as in 2018 or 2022. noteBut stresses the fact that there are structural differences in today’s market.
Inflows in regulated products as well as an improving rate background provide stronger tailwinds in this cycle, compared to previous ones. However, the market did not experience the deleveraging forced by the credit crisis of 2022.
Lunde said that cycles can reinforce themselves, as long-term owners trim their holdings and cautious new capital contributes to the selling pressure. This creates patterns that are reminiscent of previous downturns.
Yet certain indicators suggest a market bottom. For example, on February 2 the spot markets had a high trading volume of over $8 billion. Derivatives markets also experienced extremely negative interest rates and funding, indicating reversal.
Lunde said The evidence is inconclusive as the extremes of false starts have been similar. The critical support area is around $74,000. Further downside could occur towards $69,000, or the 200 week moving average at $58,000.
Bitcoin is currently valued at about $900. trading Nearly $72,000.
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Source: bitcoinmagazine.com
