The kingdom of happiness says goodbye to its bitcoins
We knew Bhutan for its Gross National Happiness index, its monasteries perched in the Himalayas, and its breathtaking landscapes. Now, the small Buddhist kingdom has also carved out a reputation in the world of cryptocurrency — and not necessarily for the reasons it might have hoped for.
According to data compiled by on-chain analysis platform Arkham and relayed by The Block and CoinDesk, Bhutan has sold approximately 70% of its bitcoin reserves in just 18 months. The country, which at its peak held around 13,000 BTC — accumulated through a national mining program powered by its abundant hydroelectric resources — now owns just 3,774. A recent transfer of $18 million in BTC to a new wallet confirms that this downward trend is continuing.
The cherry on top: it appears that Bhutan has also terminated, or at least significantly slowed, its bitcoin mining activities. So a chapter closes for this pioneering country, which had managed to turn its rivers into BTC-producing machines, much to the astonishment of the global crypto community.
Why sell now?
The burning question is obviously: why liquidate at this pace? While the Bhutanese government hasn’t officially communicated its motivations, several hypotheses are circulating. The first, pragmatic one: the country needs hard cash to fund its economic development. BTC, as appealing as it may be on paper, doesn’t directly pay for roads, hospitals, or schools.
The second hypothesis, more speculative, relates to market context. After the historic peak reached in late 2024 around $100,000, bitcoin experienced a significant correction. Progressively selling in this context could reflect a risk management strategy, or simply an expression of caution in the face of the asset’s chronic volatility.
In any case, Bhutan joins the list of states and institutions that have decided to take their profits — or limit their losses — in the crypto market. A decision that, incidentally, mechanically weighs on the supply available in the markets.
Analysts, meanwhile, can’t agree
While Bhutan packs its cryptographic bags, technical analysts engage in their favorite sport: predicting bitcoin’s price future with charts and plenty of conviction.
On one side, analyses published by CoinTelegraph highlight that several technical signals point to a possible return of BTC to $80,000 by the end of April 2026. The arguments include the gradual absorption of pending selling supply (what pros call “overhead supply”), a shift in investor sentiment, and chart configurations deemed encouraging. In short: buyers could regain the upper hand in the short term.
But on the other side of the ring, other analysts paint a far grimmer picture. Their scenario: bitcoin would only find its true floor — poetically dubbed the “iron bottom” — around $55,000, and only around December 2026. After which would begin a long “accumulation phase” of two years, during which prices would move slowly before a hypothetical bullish recovery.
Two radically opposite visions, two different time horizons. This is precisely what makes cryptocurrency markets so fascinating — and so unpredictable.
Between volatility and maturity: where does bitcoin stand?
This overall picture illustrates a persistent tension at the heart of the bitcoin ecosystem. On one hand, institutional and state actors — like Bhutan — who have integrated cryptocurrency into their financial strategies, but who don’t hesitate to shed it massively when their interests require it. On the other, a community of analysts scrutinizing every candlestick in search of the next big trend.
What these two stories have in common is that they testify to an inescapable reality: bitcoin has become a geopolitical and macroeconomic asset in its own right. The decisions of a Himalayan kingdom of 700,000 inhabitants can move prices on global markets. It’s both a sign of a certain maturity in the ecosystem, and a reminder that volatility remains the faithful companion of the leading cryptocurrency.
One thing is certain: whether it ends at $55,000 or $80,000 by year-end, bitcoin hasn’t finished making headlines — in Bhutan or elsewhere.