A transfer of 250 Bitcoins worth approximately $18.46 million was made from wallets affiliated with the Royal Government of Bhutan in the last 24 hours. Looking at the on-chain data shared by Arkham, it appears that these movements were made with two separate transfers of 162 and 69.7 Bitcoins in the near term.
Bhutan’s Bitcoin holdings are rapidly melting
Bhutan, a small Asian country between India and China, has attracted attention with its hydropower-based mining activities and accumulated Bitcoin in recent years. Bhutan, known for creating reserves by utilizing its own energy surplus, has recently turned to more sales. Since the beginning of 2026, mobility has been constantly increasing: In this year alone, a total of 3,247 BTC was transferred and an outflow of approximately 240.4 million dollars was recorded.
Bhutan, which stood out with its BTC balance approaching 13,000 a few years ago, has approximately 3,524 BTC left after the latest transactions; The corresponding asset value varies between $260 million and $264 million. CryptoAppsy According to data, Bitcoin retreated to the $ 74,000 range after climbing to $ 76,038 at the beginning of the week.
Sales and the possibility of moving to the stock market
It was reported that the latest transfers follow the same scheme as similar transactions recorded in the past. It turned out that in previous sales followed by analysts, some funds were transferred to platforms such as Galaxy Digital or OKX. This time, although it is not clear whether the transferred Bitcoins are evaluated in stock exchanges, the transaction size and timing bring the possibility of new sales to the agenda again.
It was stated that the last large inflow into Bhutan’s official wallets, over $100,000, had not been recorded for more than a year, according to Arkham data. This situation led to comments that there may be a slowdown in mining activities in the country or a change in financial priorities.
“The market is testing the resistance band between $74,000 and $76,000,” Glassnode said. CryptoQuant evaluated, “Traders’ Realized Price is at $76,800.”
Critical levels in the Bitcoin market, mining pressure continues
According to market experts, the latest transactions coincided with the period when Bitcoin was in a strong resistance zone. It is stated that investors who bought Bitcoin between 65,000 and 76,000 dollars are currently making a significant profit. According to the data shared by CryptoQuant, the rate of large transfers to exchanges has increased from less than 10 percent to 40 percent in a short time like a few days. This increase reflects the activity of especially the big players in the market.
Daily realized profits approached 500 million dollars on Wednesday; This level remains below the one billion dollar band seen before local peaks during bear market periods.
On the other hand, the recovery in Bitcoin price also eased the pressure on the mining side. Latest data puts the ‘all-in’ cost of producing one BTC at around $79,500. However, this amount is still above the spot price and the profit margin has narrowed compared to previous months.
The upcoming network difficulty adjustment is scheduled for April 17 and a decrease of almost 3 percent is expected; This is predicted to reduce the network difficulty to just below the 135 trillion hash level.
With these developments, pressure on mining continues. While recent reports indicate that the total processing power of the Bitcoin network has decreased by 4 percent in the first quarter of 2026, observers attribute this to the closure of old machines due to high costs. On the other hand, it is stated that some miners are turning to artificial intelligence and high-performance IT services in order to keep their income more stable.
