Bhutan Gov. Dumps More Bitcoin Amid $410M Institutional Sell-Off in BTC ETFs

The Royal Government of Bhutan has continued its Bitcoin selling streak during the recent downturn in the market. This came as the BTC price fell to around $66,000 amid bearish projections.

February Bitcoin Sale by Bhutan Hits $30 Million

According to Arkham, the Royal government has made more sales from its BTC portfolio. They transferred out $6.7 million BTC to QCP Capital, a Singapore-based institutional market maker.

This follows from its latest reported sales a week ago. There were two major transactions from Druk Holding Investments (DHI), which is the investment arm of the Kingdom of Bhutan.

The two transactions involved 184.03 BTCs worth $14.09 million and 100.82 BTCs worth $8.31 million five days earlier. The latter transaction also went straight to the addresses of QCP Capital.

According to an analysis done by Arkham, the government usually sold Bitcoin in tranches of about $50 million. Data indicates that there has been an especially large sale of the coin in the middle and end of September 2025, with some transactions exceeding $50 million.

The recent amount of $6.7 million and the previous $22.4 million sales weekly outflow may not be as huge a number as the liquidation from previous periods. Bhutan has been accumulating bitcoin through crypto mining since 2019.

Its holdings reached an all-time high of 13,295 in October 2024 and recently shrunk to about 5,600. According to Bitcoin Treasuries, the country ranks seventh globally in terms of BTC holdings.

Institutions Pull Out $410M from BTC ETFs

According to data from SoSoValue, yesterday, a total net outflow of 410.37 million dollars occurred in the BTC Spot ETF. The fund with the highest net outflow for the day was BlackRock’s ETF IBIT, with a net outflow of $157.56 million.

The second highest was Fidelity’s ETF product FBTC, with a net outflow of $104.13 million. This led to the BTC price slipping to $66,000 as crypto investors brace for options expiry today.

Another reason for the Bhutan sale was Standard Chartered’s price slash of its BTC target for 2026. The firm said the token could fall as low as $50,000 amid the recent decline. This is a complete reversal of how Bernstein views the crypto market.

Analysts at Bernstein on Monday maintained their price forecast of $150,000 for Bitcoin despite recent sell-offs from institutions such as Trend Research that liquidated their ETH holdings.

The pullback was described by the team as the “weakest bear case” in the asset’s history in their note to investors. They pointed to “no major failures” in the plumbing of the Bitcoin market. They also noted a modest 7% net outflows from spot BTC ETFs as the crypto fell by 50%.